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What is garretts tax basis in his partnership interest

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Question - Last December 31, Ramon sold the 40 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $640,000. Prior to selling his interest, Ramon's basis in Del Sol was $226,000, which included a $152,000 share of nonrecourse debt allocated to him.

Required - What is Garrett's tax basis in his partnership interest?

Reference no: EM132526681

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