Justine was a general partner in Industrial Enterprises. When her outside basis was $40,000, Justine received a

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Justine was a general partner in Industrial Enterprises. When her outside basis was $40,000, Justine received a liquidating distribution of $25,000 plus a car. The partnership's adjusted basis in the car was $32,000, and its fair market value at the time of distribution was $21,000. What is Justine's basis in the car? A. $15,000 B. $21,000 C. $25,000 D. $32,000

Posted Date: May 18, 2024 07:16 PM

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Justine was a general partner in Industrial Enterprises. When her outside basis was $40,000, Justine received a

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