Williams Brother Partnership had the following balance sheets at December 31: All three properties owned by the

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Williams Brotherŝ Partnership had the following balance sheets at December 31:

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All three properties owned by the partnership are investment properties. On December 31 , the partnership distributed property 3 to Matt, reducing his interest in the partnership from one-third to one-seventh.

a. Will Matt recognize any gain or loss in connection with this distribution?

b. What will be Matt's tax basis in property 3 received from the partnership?

c. What will be Matt's remaining tax basis in his partnership interest?

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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