Business, 18.05.2021 18:40 missheyward30

Tyson is a 25 percent partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash and land with a $16,000 fair value (inside basis $8,000) to Tyson. KT has no liabilities at the date of the distribution. Tyson's basis in his KT Partnership interest is $20,000. What is Tyson's basis in the distributed land

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Tyson is a 25 percent partner in the KT Partnership. On January 1, KT makes a proportionate distribu...

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