Multiple Choice
Byron is a partner in the Dowdy Group. At the close of the current year, Byron's basis in the partnership is $34,000. At that time, the partnership distributes cash of $8,000 and property with a basis of $9,000 and a fair market value of $13,000 to each partner. What is Byron's basis in the partnership after the distribution?
A) $13,000
B) $17,000
C) $26,000
D) $34,000
Correct Answer:
Verified
Correct Answer:
Verified
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