Danielle has a basis in her partnership interest of $12,000. She receives a proportionate current...
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Accounting
Danielle has a basis in her partnership interest of $12,000. She receives a proportionate current (nonliquidating) distribution of $8,000 cash and antique desk with a basis of $7,000. What is her basis in the antique desk?
a. $0 b. $4,000 c. $7,000 d. 12,000
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