Solved: Nonliquidating distribution of property, Accounting Basics

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Nonliquidating distribution of property

Problem:

Can you assist me understand this?

True/False with appropriate reason.

Mail, a partner in the MB Partnership, receives a proportionate, nonliquidating distribution of property having a fair market value of $16,000 and a partnership basis of $23,000. Mail's basis in the partnership is $10,000 before the distribution. In this situation, Mail will take a $10,000 basis in the property, and his basis in the partnership interest is reduced to zero.

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Accounting Basics: Nonliquidating distribution of property

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