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Vivian was a general partner in Cascades, a manufacturing partnership, but recently retired. Her basis in the partnership at the time of her retirement was
Vivian was a general partner in Cascades, a manufacturing partnership, but recently retired. Her basis in the partnership at the time of her retirement was $125,000. When she retired, she received $20,000 in cash and the company car she had been driving, which had a fair market value (FMV) of $55,000. If she were to sell the car a year after she retired, what is her basis in the car
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