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Does recognize any gain or loss as a result of distribution

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Problem 1: Alice owns a 30% interest in a continuing partnership. The partnership distributes $35,000 year end cash payment. In a proportionate current nonliquidating distribution, the partnership also distributed property with a basis of $20,000 and FMV of $30,000 to Alice. Immediately before the distribution of cash and property, Alice's basis in the partnership interest was $60,000. As a result of the distribution, does she recognize any gain or loss?

Reference no: EM132964068

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