What amount of gain must sally recognize

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Reference no: EM133500726

Case: Sally receives cash of $24,000 and a piece of land with a fair market value of $85,000 (adjusted basis of $60,000) in a current distribution. Her basis in his partnership interest is $20,000 before the distribution. Answer the following question and show your calculations.

Question 1: What amount of gain must Sally recognize as a result of the current distribution?

Question 2: What amount of gain must the partnership recognize as a result of the distribution?

Question 3: What is Sally's basis in his partnership interest immediately after the distribution?

Reference no: EM133500726

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