Question: Michavel transfers a building ( $ 9 0 , 0 0 0 Fair Market Value and Adjusted Basis of $ 4 0 , interest in

Michavel transfers a building ($90,000 Fair Market Value and Adjusted Basis of $40, interest in the Partnership. The building had a Recourse Debt on it of $60,000 and ti was $30,000. Michavel's Recognized Gain on the contribution of the building to the
$10,000.
$-0-.
$ 3,000.
$ 5,000.
Michavel transfers a building ( $ 9 0 , 0 0 0

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