Question: 4. If a partner is distributed encumbered property, what is the ordering in time of the following for tax purposes: (1) the assumption of

4. If a partner is distributed encumbered property, what is the ordering in time of the following for tax purposes: (1) the assumption of the debt by the distributee partner, (2) the reduction in the distributee partner's share of the partnership debt, and (3) the distribution of the property?

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