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The JIH Partnership Distributed the Following Assets to Partner James

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The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership is liquidated: $25,000 cash,land parcel A (basis of $5,000,fair market value of $30,000),and land parcel B (basis of $5,000,fair market value of $15,000).James's basis in his partnership interest was $85,000 immediately before the distribution.
The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership is liquidated: $25,000 cash,land parcel A (basis of $5,000,fair market value of $30,000),and land parcel B (basis of $5,000,fair market value of $15,000).James's basis in his partnership interest was $85,000 immediately before the distribution.

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Definitions:

Merger

The combination of two or more companies into a single entity, usually with the aim of enhancing competitiveness or expanding market share.

Revised Model Act

An updated or modified version of legislation that serves as a template for laws across different jurisdictions.

Shareholder Vote

A decision-making process where shareholders of a company vote on corporate matters, reflecting their ownership stake.

Articles of Incorporation

The primary legal document used to establish a corporation, detailing its structure and purpose.

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