Jorge, a 40% partner in a law firm, decided to retire and take a liquidating...
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Jorge, a 40% partner in a law firm, decided to retire and take a liquidating distribution. His basis at the time was $80,000. He received cash in the amount of $60,000 and a car with an adjusted basis to the partnership of $15,000 and an FMV of $12,000. What is Jorge's basis in the car
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