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What is pablo basis in the receivables

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Question - Pablo has a $108,200 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $43,280, cash basis receivables with an inside basis of $0 and a fair market value of $27,050, and land with a basis and fair market value to the partnership of $140,660.

a. How much is Pablo's realized and recognized gain on the distribution?

b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution?

Reference no: EM132440714

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