Delilah receives a proportionate, nonliquidating distribution from the Carbon Partnership. The distribution consists of $50,000...
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Accounting
Delilah receives a proportionate, nonliquidating distribution from the Carbon Partnership. The distribution consists of $50,000 cash and property with an adjusted basis to the partnership of $150,000 and a fair market value of $180,000. Immediately before the distribution, Delilah's adjusted basis for her partnership interest is $170,000. Delilah's basis in the noncash property received is:
$180,000
$150,000
$120,000
$50,000
None of the above.
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