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What are the tax effects of these distributions

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Reference no: EM132058049

Question - John received a proportionate non-liquidating distribution of $10,000 cash and inventory with a zero basis and a fair market value of $12,000 from a partnership in which he has a basis of $8,000.

What are the tax effects of these distributions?

How would your answer change if this was a liquidating distribution?

How would your answer change on the non-liquidating and liquidating distributions if his basis in the partnership was $15,000?

Reference no: EM132058049

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