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What is walter basis in the land received

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Question - Walter receives cash of $18,000 and land with a fair market value of $75,000 (adjusted basis of $50,000) in a current distribution. His basis in his partnership is $16,000.

a. What amount of gain must Walter recognize as a result of the current distribution?

What is Walter's basis in the land received?

b. What amount of gain must the partnership recognize as a result of the distribution?

c. What is Walter's basis in his partnership interest immediately after the distribution?

Reference no: EM131700588

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