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Business, 03.08.2021 19:50 joejoefofana

Dean is a 25% partner in Target Partnership. Dean's tax basis in Target was $20,000. Dean received a nonliquidating cash distribution of $8,000 from Target. Target's accounts recorded the following items: Municipal bond interest income $12,000 Ordinary income 40,000 What was Dean's tax basis in Target at the end of the year

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Dean is a 25% partner in Target Partnership. Dean's tax basis in Target was $20,000. Dean received a...
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