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The equal XYZ Partnership has the following balance sheets: Basis FMV Cash $54,000 $54,000 Land $15,000 $42,000 Unrealized Receivables $0 $15,000 Collectibles $3,000 $9,000 $72,000
The equal XYZ Partnership has the following balance sheets:
|
|
| Basis | FMV | |||
| Cash |
| $54,000 | $54,000 | |||
| Land |
| $15,000 | $42,000 | |||
| Unrealized Receivables | $0 | $15,000 | ||||
| Collectibles | $3,000 | $9,000 | ||||
|
|
| $72,000 | $120,000 | |||
|
|
|
|
| |||
| Liabilities |
| $30,000 | $30,000 | |||
|
|
|
|
| |||
| Capital, X |
| $14,000 | $30,000 | |||
| Capital, Y |
| $14,000 | $30,000 | |||
| Capital, Z |
| $14,000 | $30,000 | |||
|
|
| $72,000 | $120,000 | |||
XYZ has a Code Section 754 election in effect, and X sells her interest to W for $30,000 cash. How much is the Code Sec. 743(b) adjustment?
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