Business, 20.12.2019 00:31 aurorasweetpea610

Perry partnership distributed cash of $15,000 and a parcel of land in a liquidating distribution to gupta, a partner. the land had a fair market value of $50,000 and an inside basis of $52,000 at the time of the distribution. gupta's outside basis in perry just prior to the distribution was $70,000. what is gupta's resulting basis in the land?

a. $50,000

b. $55,000

c. $53,000

d. $52,000

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Perry partnership distributed cash of $15,000 and a parcel of land in a liquidating distribution to...

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