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Business, 18.03.2020 18:53 itzjames025
Marvel has an adjusted basis in a partnership interest of $25,000 before receiving a current distribution of $4,000 cash, inventory with an adjusted basis of $6,000 and a fair market value of $9,000, and land with a fair market value of $7,000 and an adjusted basis of $8,000. Section 754 does not apply. What is Marvel’s basis in the partnership interest after the distribution?
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Marvel has an adjusted basis in a partnership interest of $25,000 before receiving a current distrib...
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