Question: 2. Jack contributes a machine to his partnership in exchange for a 25% interest. His basis in the equipment was $10,000. He also receives $14,000

2. Jack contributes a machine to his partnership in exchange for a 25% interest. His basis in the equipment was $10,000. He also receives $14,000 in cash (a) How much gain or loss does he recognize? (b) What's his basis in his partnership interest (outside basis)? (c) What's the partnership's basis in the machine

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