What are the tax consequences to c

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Problem

A, B and C have been partners in the ABC partnership foA, B and C have been partners in the ABC partnership for 10 years and have not made any contributions since its initial formation. The partnership has no assets described in Section 751 and is not an investment partnership. A has a tax basis of $50, B has a tax basis of $60 and C has a tax basis of $80 in the ABC partnership. The partnership has Property X with a tax basis of $70 and a fair market value of $90, Property Y with a tax basis of $40 and a fair market value of $80 and cash of $10. Get the instant assignment help. If the partnership distributes Property X and cash of $10 to C in a liquidating distribution, what are the tax consequences to C?

Reference no: EM133920537

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