Kim has a basis in her partnership interest of $15,400 when she receives a distribution...
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Accounting
Kim has a basis in her partnership interest of $15,400 when she receives a distribution from the partnership of $7,700 cash and equipment with a basis of $10,550 ($15,825 FMV). a. How much gain or loss must Kim recognize on the distribution? b. What is Kim's ending partnership basis? c. What is Kim's basis in the equipment? a. Gain or loss to be recognized b. Ending partnership basis c. Basis in equipment
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