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What is Milton basis in the land

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Question - Milton has a basis in his partnership of $300,000, including his $80,000 share of partnership liabilities. At the end of the current year the partnership pays off the liabilities and makes a proportionate current distribution to its partners. Milton receives a parcel of land (partnership basis of $120,000 and FMV of $135,000) and inventory (partnership basis of $160,000 and FMV of $180,000). Following the distribution what is Milton's basis in the land?

Reference no: EM132431261

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