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Augustus1 Augustus1
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7 years ago
All of the following statements are true regarding nonliquidating distributions of a partnership except:
A) If money is distributed in excess of the partnership interest, the partner receiving the distribution has capital gain.
B) In no circumstances will the partner or the partnership recognize gain or loss from a nonliquidating distribution.
C) In no circumstances may the partner's basis in the partnership interest be reduced below zero as a result of a nonliquidating distribution.
D) If, after money distributions reduce the partnership basis, the adjusted basis of distributed property does not exceed the partner's basis in the partnership interest, the basis of the distributed property carries over to the partner.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


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

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
I needed this so bad, I'm laughing right now from happiness
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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