Jerry Has a $50,000 Basis for His Interest in JJ

question 6

Essay

Jerry has a $50,000 basis for his interest in JJ Partnership before receiving a current distribution consisting of $8,000 in money, accounts receivable having a zero basis to the partnership, and land having a $28,000 basis to the partnership. What is Jerry's basis in his partnership interest after the distribution?

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Definitions:

Postmodern Family

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