QUESTION 38 Jean recelved a Nonliquidating Distribution when the basis of her Partnership Interest was $30,000. The distribution consisted of $5,000 in Cash and property with an Adjusted Basis to the Partnership of $17,300'and a Fair Market Value of $21,500. Jean's basis in the distributed noncash property is O $12,300. $25,000. O $21,500. O $17,300.

QUESTION 38 Jean recelved a Nonliquidating Distribution when the basis of her Partnership Interest was $30,000. The distribution consisted of $5,000 in Cash and property with an Adjusted Basis to the Partnership of $17,300'and a Fair Market Value of $21,500. Jean's basis in the distributed noncash property is O $12,300. $25,000. O $21,500. O $17,300.

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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