Matt,a Partner in the MB Partnership,receives a Proportionate,nonliquidating Distribution of Property
True/False
Matt,a partner in the MB Partnership,receives a proportionate,nonliquidating distribution of property having a fair market value of $16,000 and a partnership basis of $23,000.Matt's basis in the partnership is $10,000 before the distribution.In this situation,Matt will take a $10,000 basis in the property,and his basis in the partnership interest is reduced to zero.
Correct Answer:
Verified
Correct Answer:
Verified
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