Hart's adjusted basis of his interest in a partnership was $30,000. He received a nonliquidating distribution of
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Hart's adjusted basis of his interest in a partnership was $30,000. He received a nonliquidating distribution of $24,000 cash plus a parcel of land with a fair market value and partnership basis of $9,000. Hart's basis for the land is:
a. $9,000
b. $6,000
c. $3,000
d. $0
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Related Book For 
Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
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