Garner is a 25 percent partner in classic general partnership. on february 3, garner's tax basis in classic was $10,000 when she received a nonliquidating distribution of $5,000 cash. classic had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. classic reported the following for the same year:
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Garner is a 25 percent partner in classic general partnership. on february 3, garner's tax basis in...
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