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Walter receives cash of $18000 and land with a fair market value of $75 000 adjusted basis of $50 000 in a current distribution. His basis in his partnerships is $16000

a) What is the amount of gain that Walter recognizes as a result of the current distribution?

b) what amount of gain must the partnership recognize as a result of the distribution?

c) what is walters basis in his partnership interest immediate after the distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940525

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