What is jennifer adjusted bases in the land

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Question - Jennifer is a partner with an outside basis of $400. She receives land in a distribution incomplete liquidation of her interest. The land was worth $750 and had and inside basis to the partnership of $500.

Required -

1) How much of any gain or loss does Jennifer recognize on the distribution? If none, enter $0

2) What is Jennifer's adjusted bases in the land?

Reference no: EM133157217

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