Karen has a $83,675 basis in her 50 percent partnership interest in the KD Partnership...
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Accounting
Karen has a $83,675 basis in her 50 percent partnership interest in the KD Partnership before receiving a current distribution of $7,925 cash and land with a fair market value of $42,150 and a basis to the partnership of $21,850.
b. What is Karens basis in the land?
c. What is Karens remaining basis in her partnership interest?
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