Katlin contributes land to a partnership with a basis of $44,000 and a FMV of $56,000 in
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Katlin contributes land to a partnership with a basis of $44,000 and a FMV of $56,000 in 2019. In 2021, when the FMV of the land is $58,000, the partnership distributes the land to Bailey, another partner. Which of the following is true?
a. Katlin recognizes no gain or loss.
b. Bailey recognizes a gain of $14,000.
c. Katlin recognizes a gain of $12,000.
d. Bailey has a basis of $58,000 in the land.
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Related Book For 
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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