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Three years ago, Lilly joined the LCD Partnership by contributing land with a $10,000 basis and $18,000 FMV. On January 15 of the current year, Lilly has a basis in her partnership interest of $20,000 and none of her precontribution gain has been recognized. On January 15, Lilly receives a current distribution of property other than the contributed land with a $15,000 basis and a $23,000 FMV.

What gain must be recognized under Sec. 737 and who must recognize it?
What is Lilly's basis in her partnership interest after the distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9961734

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