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What is Glenda ending basis in her partnership interest

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Question - Glenda has a basis of $10,000 in a partnership at the beginning of the year. She receives $15,000 in cash distributions, and her distributive share of income is $3,000.

Required -

Is Glenda required to recognize any gain? If so, how much?

What is Glenda's ending basis in her partnership interest?

Reference no: EM133124594

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