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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Glenda received a proportionate nonliquidating distribution from the EFG Partnership. The distribution consisted of \$10,000 cash and property with an adjusted basis to the partnership of \$34,000 and a fair market value of \$42,000. Immediately before the distribution, Glenda's adjusted basis in her partnership interest was \$60,000. How much is Glenda's basis in the noncash property distributed to her?

a. \$10,000.

b. \$34,000.

c. \$42,000.

d. \$50,000.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M940620

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