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What is guptas resulting basis in the land

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Perry Partnership distributed cash of $15,000 and a parcel of land in a liquidating distribution to Gupta, a partner. The land had a fair market value of $50,000 and an inside basis of $52,000 at the time of the distribution. Gupta's outside basis in Perry just prior to the distribution was $70,000. What is Gupta's resulting basis in the land?

Reference no: EM132381848

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