Kathy is a 25 partner in the kdp partnership and receives

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Kathy is a 25% partner in the KDP Partnership and receives $120,000 cash in complete liquidation of her partnership interest. Kathy's outside basis immediately before the distribution is $160,000. KDP currently has a § 754 election in effect and has no hot assets or liabilities. Which of the following statements is true?

Reference no: EM13572487

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