Danielle Has a Basis in Her Partnership Interest of $12,000

question 48

Multiple Choice

Danielle has a basis in her partnership interest of $12,000. She receives a current distribution of $8,000 cash and equipment with a basis of $7,000. There is no potential gain under Sec. 737. What is her basis in the equipment?

• A)$0
• B)$4,000
• C)$7,000
• D)none of the above

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