Chelsea owns a 25% capital and profits interest in the calendar-year CJDV Partnership.Her adjusted basis for her partnership interest on July 1 of the current year is $170,000.On that date,she receives a proportionate nonliquidating distribution of the following assets:

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The Answer of Chelsea owns a 25% capital and profits interest in the calendar-year CJDV Partnership.Her adjusted basis for her partnership interest on July 1 of the current year is $170,000.On that date,she receives a proportionate nonliquidating distribution of the following assets:

Chelsea Owns a 25% Capital and Profits Interest in the Calendar-Year