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Gary is a one-third partner in GNG Partners. a general partnership. Gary's adjusted basis in his partnership interest is $25,000. Gary received a distribution of real estate in a non-liquidating distribution from the partnership. The real estate had an adjusted basis to the partnership of $20,000 and a fair market value of $50,000 on the date of distribution. What is Gary's basis in the real property received in the non-liquidating distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M960914

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