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Question - Roberto has a basis of $6,150 in a partnership at the beginning of the year. He receives $7,200 in cash distributions, his distributive share of income is $3,600, and he receives a land distribution with a basis of $6,150 (FMV $12,300).
Required -
1. What is Roberto's basis in the land?
2. What is Roberto's ending basis in his partnership interest?
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