Business, 22.04.2020 15:47 psychocatgirl1

Karen has an $80,825 basis in her 50 percent partnership interest in the KD Partnership before receiving a current distribution of $7,575 cash and land with a fair market value of $40,850 and a basis to the partnership of $21,150.

a. What is the amount and character of Karen's recognized gain or loss?

b. What is Karen's basis in the land?

c. What is Karen's remaining basis in her partnership interest?

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