Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to
Question:
Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to Blair and Partners, a partnership. Abigail receives a 50% interest in Blair. What is Abigail’s recognized gain or loss on the contribution?
a. $0
b. $2,000 gain
c. $2,000 loss
d. $1,000 gain
e. $1,000 loss
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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