What is his basis in the real estate?

As a result of this distribution, what is Wilbur's income?

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Vincent Arnold had an adjusted basis in his partnership interest of $35,000 when the partnership made a distribution to him, not in complete termination of his interest, of $30,000 cash and a parcel of real estate which the partnership held as an investment. The real estate had a basis to the partnership of $10,000 and a fair market value of $15,000.

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To determine Vincent Arnolds basis in the real estate after the distribution we need to allocate the ... View the full answer