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The RST partnership makes a pro rata distribution of its assets to R in complete...

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Accounting

The RST partnership makes a pro rata distribution of its assets to R in complete liquidation of the R's partnership interest. The distribution consists of $20,000 in cash and capital assets with a basis to the partnership of $15,000 and a fair market value $30,000. At the time of the distribution, Rs partnership basis is $40,000 which is what she paid for the interest one year earlier. If the partnership has no section 754 election in effect, what is Rs basis in the property distributed.

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