Partnership KBCD owns a building with a tax basis of $1,250,000and a book value of $1,800,000. The
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Partnership KBCD owns a building with a tax basis of $1,250,000and a book value of $1,800,000. The building (which was contributed to the partnership by a partner) is encumbered by a nonrecourse mortgage of $2,000,000. The property was recently appraised at $2,500,000.
What is the Code Sec. 704(b) minimum gain (if any) with respect to this property?
What is the Code Sec. 704(c) minimum gain (if any) with respect to this property?
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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