FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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3. Brielle received $30,000 in cash and an automobile with an adjusted basis and market value of $20,000 in a proportionate liquidating distribution from the BD Partnership. Brielle's basis in the partntership interest was $60,000 before the distribution. What is Brielle's basis in the automobile received in the liquidation?

A. $0

B. $10,000

C. $20,000

D. $30,000

 

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