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Late 1065 Distributions

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    #1

    Late 1065 Distributions

    Client is a partnership. In 2007 3 of 7 partners sold partnership interests to new partners. In 2008, the partnership made distributions to everyone to cover 2007 income taxes, including the 3 ex-partners. How would anyone handle those distributions to ex-partners (no basis)?

    Thanks in advance.
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