2. A is a partner in the equal ABC partnership, and is distributed a note...
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Accounting
2. A is a partner in the equal ABC partnership, and is distributed a note from the partnership for $30,000, payable by the partnership. A then sells the note for $27,000. As basis in the partnership when the note was distributed was $25,000. What are the tax effects to A? What would the tax effects have been if A was just distributed $30,000 cash instead?
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