Catherines basis was 50000 in the car partnership interest, Ask an Expert

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Catherine's basis was $50,000 in the CAR Partnership interest just before she received a proportionate nonliquidating distribution consisting of land held for investment (basis of $40,000, fair market value of $60,000) and inventory (basis of $40,000, fair market value of $40,000). After the distribution, Catherine's bases in the land and inventory are ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413114

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