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What is the amount and character of Earl gain

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Problem - Earl is a partner in a general partnership. On January 1, the partnership distributes $26,000 cash to Earl in complete liquidation of his interest (a proportionate liquidating distribution). The partnership has only capital assets and no liabilities at the date of the distribution. Earl's basis in the partnership is $37,000. What is the amount and character of Earl's gain (loss) on the distribution?

Reference no: EM133032735

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