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safezone safezone
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7 years ago
Miguel has a 50% interest in partnership capital, profits, and losses. The basis for his partnership interest is $50,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Miguel receives a distribution of land that has an FMV of $40,000 and an adjusted basis of $30,000. The land is subject to a $15,000 liability, which Miguel assumes. His basis in the partnership interest following the land distribution is
A) $12,500.
B) $20,000.
C) $27,500.
D) $35,000.
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Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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That's not philosophy, it's geometry
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RimounRimoun
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safezone Author
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7 years ago
Thanks
Katey_maree
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Yesterday
Smart ... Thanks!
Marcie D
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2 hours ago
This helped my grade so much Perfect
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