Business, 22.04.2020 18:34 yonna74

Heather sells land (adjusted basis, $88,400; fair market value, $114,920) to a partnership in which she controls an 80% capital interest. The partnership pays her only $61,880 for the land.

The partnership later sells the land to a third party for $300,520. The partnership has a realized gain of $and a recognized gain of $ on its sale of the land.

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Heather sells land (adjusted basis, $88,400; fair market value, $114,920) to a partnership in which...

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