Question
The adjusted basis of Dean's partnership interest is $30,000. Dean receives $5,000 cash and a current nonliquidating distribution of property with an adjusted basis of
The adjusted basis of Dean's partnership interest is $30,000. Dean receives $5,000 cash and a current nonliquidating distribution of property with an adjusted basis of $45,000 to the partnership. What is Dean's basis for the property received in the distribution?
a. $45,000
b. $35,000
c. $25,000
d. $20,000
e. $15,000
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
