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Dan receives a proportionate nonliquidating distribution when the basis of his partnership interest is $30,000....

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Accounting

Dan receives a proportionate nonliquidating distribution when the basis of his partnership interest is $30,000. The distribution consists of $40,000 in cash. As a result of this distribution, Dan recognizes:

A- $40000

B- $30.000

C- $10.000

D- No gain is recognized on this distribution

E- None of the above

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