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The adjusted basis of Amy's partnership interest was $28,000 before receiving a proportionate current distribution. The distribution consisted of (1) inventory with a basis of $16,000 and a fair market value of $13,000, and (2) land with a basis of 000 and fair market value of $20,000. What are Amy's bases in the land and her partnership interest after distribution?

2.what would be the basis of the land if the distribution of the inventory and land was a proportionate liquidating distribution which completely terminated Amy's partnership interest?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946281

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