Josh has a 25% capital and profits interest in the calendar-year GDJ Partnership. His adjusted basis for his partnership interest on October 15 of the current year is $300,000. On that date, the partnership liquidates and makes a proportionate distribution of the following assets to Josh.
Definitions:
Parallel Structure
The use of the same pattern of words or phrases across multiple sentences or points to ensure consistency and clarity.
Bicycle
A human-powered, pedal-driven vehicle with two wheels attached to a frame, one behind the other.
Punctuation
The use of special marks in writing to clarify meaning and separate linguistic units.
Imperative Statement
An imperative statement is a command or instruction given in direct and clear terms, often used to direct action.
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