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The adjusted basis of Jodys partnership interest was $50,000 immediately before Jody received a current...

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Accounting

The adjusted basis of Jodys partnership interest was $50,000 immediately before Jody received a current distribution of $20,000 cash and property with an adjusted basis to the partnership of $40,000 and a fair market value of $35,000. What amount of taxable gain must Jody report as a result of this distribution? $0 $5,000 $10,000 $20,000

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