Randolph is a 30 partner in the rd partnership on january 1, Ask an Expert

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Randolph is a 30% partner in the RD Partnership. On January 1, RD distributes $15,000 cash, an investment with a fair value of $20,000 (inside basis of $10,000), and a parcel of land with a fair value of $10,000 to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in RD is $48,000. What is Randolph's basis in the distributed investment and land?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9949976

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