Jack has a basis in a
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 8BCRQ
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Question
Subject :- Account

Transcribed Image Text:Jack has a basis in a partnership interest = $50,000 before the partnership distributes land to him with a basis and fair
market value = $60,000. Jack's basis in the land is
a. $60,000 c. $10,000
b. $0
d. $50,000
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