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The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership also liquidated: $25,000 cash,land parcel A (basis of $5,000,value of $30,000),and land parcel B (basis of $5,000,value of $15,000).James's basis in his partnership interest was $85,000 immediately before the distribution.James will allocate bases of $40,000 to parcel A and $20,000 to parcel B,and he will have no remaining basis in his partnership interest.
Confabulation
The production of fabricated, distorted, or misinterpreted memories about oneself or the world, without the conscious intention to deceive.
Imagined Event
A scenario or occurrence that is created in the mind but has not actually happened in reality.
Explicit Memory
A type of long-term memory that involves conscious recollection of specific facts and events.
Conscious Recollection
The process of intentionally remembering or recalling information from one's past.
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