True/False
In a proportionate liquidating distribution in which the partnership is also liquidated, Macy received cash of $10,000 and inventory (basis of $18,000 and fair market value of $32,000). Immediately before the distribution, Macy's basis in the partnership interest was $40,000. Macy recognizes no gain or loss, and her basis in the inventory is $30,000.
Correct Answer:
Verified
Correct Answer:
Verified
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