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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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940620

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