Question
Victoria is a 50 percent partner in VR Partners. Her partnership tax basis is $28,000 on December 31 when she receives a current distribution of
Victoria is a 50 percent partner in VR Partners. Her partnership tax basis is $28,000 on December 31 when she receives a current distribution of property with a partnership tax basis $25,000 and a fair market value of $46,000. What is Victoria's tax basis in the distributed property?
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Income Tax Fundamentals 2017
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
35th Edition
1305872738, 978-1337669689, 1337669687, 978-0357690796, 978-1305872738
