Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to

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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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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Mar 02, 2019 07:03 AM

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Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to

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Income Tax Fundamentals 2019

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