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Augustus1 Augustus1
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Posts: 1894
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7 years ago
Oliver receives a nonliquidating distribution of land having a $25,000 adjusted basis and a $32,000 FMV from the OK Partnership. At the time of the distribution, Oliver's basis in his partnership interest is $30,000.
a.   What is the amount of recognized gain or loss on the distribution?
b.   What is Oliver's basis in his partnership interest following the distribution?
c.   What is Oliver's basis in the land?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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Yoko900Yoko900
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Posts: 1876
7 years ago
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Augustus1 Author
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7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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