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The Sharon Trust incurred the following items during the year.
| Â |
Partnership’s Basis in Asset |
Asset’s Fair Market Value |
| Cash |
$80,000 |
$80,000 |
| Inventory |
$130,000 |
$150,000 |
| Land |
$90,000 |
$105,000 |
(I) Calculate Sharon’s recognized gain or loss on the distribution, if any. (II) Calculate Sharon’s basis in the inventory received. (III) Calculate Sharon’s basis in land received. The land is a capital asset. (Points : 30)
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