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Esther and Elizabeth are equal partners in the EE Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners each have a $52,200 basis in their partnership interests, including their share of partnership liabilities. On December 31, EE Partnership repays $61,400 of debt. What is the amount and character of Esther's recognized gain or loss? What is Esther's remaining basis in EE?
Distributor
An intermediary in the distribution channel that buys products from manufacturers and then sells them to retailers or directly to the consumers.
Clayton Act
A U.S. antitrust law enacted in 1914 to prevent anti-competitive practices and monopolies, supplementing the Sherman Antitrust Act.
Channel Members
Businesses or individuals involved in the process of making a product or service available for use or consumption by a consumer or business user.
Tying Arrangement
A sales practice where the seller requires the buyer to purchase a secondary product as a condition of buying a primary product, often scrutinized under antitrust laws.
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