Last december 31 ramon sold the 20 percent interest in the, Financial Accounting

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Last december 31 ramon sold the 20 percent interest in the

Last December 31, Ramon sold the 20 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $587,500. Prior to selling his interest, Ramon’s basis in Del Sol was $298,000, which included a $101,000 share of nonrecourse debt allocated to him.

What is Garrett’s tax basis in his partnership interest?

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Financial Accounting: Last december 31 ramon sold the 20 percent interest in the

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