26 CFR 1.732-1 -PROOF THE FORECLOSURE IS AT ZERO

WRONGFUL FORECLOSURES : ZERO – 26 CFR 1.732-1 – Basis of distributed property other than money.

The real property has a zero basis . The partnership bases not carried over for the distributed properties are lost unless an election under section 754 is in effect requiring the partnership to adjust the bases of remaining partnership properties under section 734(b)

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