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Business, 06.05.2020 05:44 cutegirl0987

Esther and Elizabeth are equal partners in the EE Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners each have a $40,800 basis in their partnership interests including their share of partnership liabilities. On December 31, EE partnership repays $66,000 of debt. What is the amount and character of Esther's recognized gain or loss

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