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QUESTION
X, is a one-half partner in a partnership with $4000 of accounts receivable with a zero basis,capital assets of $6000 with a $2000 basis, and no...
X, is a one-half partner in a partnership with $4000 of accounts receivable with a zero basis,capital assets of $6000 with a $2000 basis, and no liabilities. If X receives $5000 of capital assets from the partnership in exchange for his entire interest, what is deemed to occur?
