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Riggins has a basis in her partnership interest of $30,000 when her interest was...

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Accounting

Riggins has a basis in her partnership interest of $30,000 when her interest was terminated in a Complete Liquidation. Riggins received a Capital Asset with an Adjusted Basis to the Partnership of $70,000 and a Fair Market Value of $40,000. Assuming the Optional Basis Adjustment election was properly made, the proper adjustment made to the basis of the remaining assets of the Partnership was: $40,000 Decrease. O $10,000 Decrease. $10,000 Increase. O $40,000 Increase.
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Riggins has a basis in her partnership interest of $30,000 when her imterest was terminated in a Complete Liquidation. Riggins received a Capital Asset wah an Adjusted Basis to the Partnership of $70,000 and a Fair Market Value of $40,000. Assuming the Optoral Basis Adjustment election was property made, the propor adjustment mode to the basis of the remaining assets of the Parthership was: $40,000 Decrease. $10,000 Decrease. $10,000 increase. $40,000 inclease

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