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Atiqa receives a nonliquidating distribution of land from her partnership. The partnership purchased the land five years ago for $20,000. At the time of the distribution, it is worth $28,000. Prior to the distribution, Atiqa's basis in her partnership interest is $37,000. Due to the distribution Atiqa and the partnership will recognize income of
Joint Venture Agreement
A legal document that outlines the terms and conditions under which two or more parties undertake a specific business venture together.
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Export and Import Permits Act
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