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How much gain or loss must kim recognize on the distribution

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Kim has a basis in her partnership interest of $15,000 when she receives a distribution from the partnership of $7,500 cash and equipment with a basis of $10,250 ($15,375 FMV).

Problem 1: How much gain or loss must Kim recognize on the distribution?

Problem 2: What is Kim's ending partnership basis?

Problem 3: What is Kim's basis in the equipment?

Reference no: EM132833708

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