2.99 See Answer

Question: Karen has a $68,000 basis in


Karen has a $68,000 basis in her 50% partnership interest in the KD Partnership before receiving a current distribution of $6,000 cash and land with a fair market value of $35,000 and a basis to the partnership of $18,000.
a. What is the amount and character of Karen’s recognized gain or loss?
b. What is Karen’s basis in the land?
c. What is Karen’s remaining basis in her partnership interest?


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2.99

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