Daniel's basis in the DAT Partnership is $135,000. DAT distributes its land to Daniel in complete liquidation of his partnership interest. DAT reports the following balance sheet just before the distribution:
If DAT has a §754 election in place, what is the amount and sign (positive or negative) of the special basis adjustment resulting from the distribution to Daniel? What is DAT's basis in its remaining assets?
Definitions:
Classical Conditioning
A training mechanism where pairing two stimuli repeatedly leads to a response initially produced by the second stimulus being eventually produced by the first stimulus.
Intense Fear
A powerful and overwhelming emotion caused by the perception of imminent danger, threat, or pain.
Dog Phobia
An intense, irrational fear of dogs, categorized under specific phobias that significantly impact a person's daily life.
Conditioned Response
A learned response to a previously neutral stimulus that becomes conditioned after being associated with an unconditioned stimulus in classical conditioning.
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