George and Morris formed a new partnership three years ago. At inception George contributed equipment with a

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George and Morris formed a new partnership three years ago. At inception George contributed equipment with a basis of $97,000 and FMV of $101,000. This year (three years later), the equipment is distributed to Morris when its FMV is $116,000. No other distributions have been made since the partnership was formed. How much pre-contribution gain is allocated to George when the property is distributed to Morris?

Posted Date: Oct 14, 2021 02:26 AM

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George and Morris formed a new partnership three years ago. At inception George contributed equipment with a

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