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Question :
Challenge Partners had the following balance sheets at December 31:
Basis
FMV
Cash
30,000
Accounts Receivable
45,000
Property 1
54,000
60,000
Property 2
36,000
TOTAL ASSETS
120,000
180,000
Capital, Tina
40,000
Capital, Jane
Capital, Karen
TOTAL CAPITAL
On that date, it distributed Property 1 to Karen in complete liquidation of her interest in the partnership.
a. Will Section 751(b) apply to this distribution?
b. Will Karen recognize any income or gain in connection with the distribution?
c. What will be Karen's tax basis in Property 1?
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