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Kathy is a 25% partner in the KDP Partnership and receives a parcel of land...

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Accounting

Kathy is a 25% partner in the KDP Partnership and receives a parcel of land with a fair value of $170,000 (inside basis of $140,000) incomplete liquidation of her partnership interest. Kathy's outside basis immediately before the distribution is $220,000. KDP currently has a 754 election in effect and has no hot assets or liabilities. What is KDP's special basis adjustment from the distribution?

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