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QUESTION
Partner V is a one-fourth partner in a partnership with $12,000 of accounts receivable with a zero basis, capital assets of $16,000 with an $8,000...
Partner V is a one-fourth partner in a partnership with $12,000 of accounts receivable with a zero basis, capital assets of $16,000 with an $8,000 basis, and no liabilities. If partner V receives $7,000 of accounts receivable from the partnership in exchange for his entire interest, which of the following is deemed to occur?
