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What is Karen ending partnership basis

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Question - Karen has a basis in her partnership interest of $24,000 when she receives a distribution from the partnership of $12,000 cash, and equipment with a basis of $16,000 ($24,000 FMV).

a. How much gain or loss must Karen recognize on the distribution?

b. What is Karen's ending partnership basis?

c. What is Karen's basis in the equipment?

Reference no: EM132609853

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