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Sheena Maskell Sheena Maskell
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The partnership's assumption of a liability is treated as a cash distribution to the partner whose liability is assumed, which decreases his basis in the partnership.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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7 years ago
Really helped
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