Kathy is a 25% partner in the kdp partnership and receives a parcel of land with a fair value of $166,000 (inside basis of $132,000) in complete liquidation of her partnership interest. kathy's outside basis immediately before the distribution is $216,000. kdp currently has a §754 election in effect and has no hot assets or liabilities. what is kdp's special basis adjustment from the distribution? a. $34,000 step up. b. $84,000 step up. c. $84,000 step down. d. $0.
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Kathy is a 25% partner in the kdp partnership and receives a parcel of land with a fair value of $16...
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