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Compute the income-gain or loss that corbin have

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Question: ABC are owned by Alan, Brian and Corbin. This year ABC distributed land that had a value of $465,000 and a basis of $310,000 to Corbin, a 30% owner. Corbin's basis in his interest before the distribution was $327,000.

Compute the income, gain or loss that Corbin and ABC would have to report on this distribution if ABC is a partnership. Also, compute Corbin's basis in his partnership interest and the land after the distribution.

Reference no: EM131734867

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