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Daniel acquires a 30% interest in PPZ Partnership from Paolo, an existing partner, for $39,000...

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Accounting

Daniel acquires a 30% interest in PPZ Partnership from Paolo, an existing partner, for $39,000 in cash. Paolo's basis and tax capital account had been $30,000 and $27,000 respectively. If inside and outside basis were the same before the sale and PPZ has a Section 754 election in place, what will be the amount of the basis adjustment?

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