Barry has a basis in his partnership interest of $50,000 when the partnership distributes $60,000 in cash to barry. as a result of the distribution, barry reduces his basis in the partnership interest to $0, has a $60,000 basis in the cash received, and he recognizes a gain of $10,000 on the distribution.
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Barry has a basis in his partnership interest of $50,000 when the partnership distributes $60,000 in...
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