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Problem - Gearty's adjusted basis in Worthington Company, a partnership, was $18,000 at the time Gearty received the following proportionate nonliquidating distributions of partnership property:
Cash $6,000
Land
Adjusted basis 14,000
Fair market value 12,000
Inventory
Adjusted basis 7,000
Fair market value 10,000
Required - What is Gearty's tax basis in the land received from the partnership?
a. $0
b. $5,000
c. $12,000
d. $14,000
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