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Jerry is a partner in the Bent Grass Partnership. At the close of the current year, Jerry's basis in the partnership is $23,000. At this time, the partnership distributes cash of $6,000 and property with a basis of $4,000 and a fair market value of $7,000 to each partner. What amount must Jerry report as income from the distribution in the current year?

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Category:- Accounting Basics
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