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Business, 21.12.2020 19:50 BarcaOsama

In 2018, Angel contributes land to a partnership with a basis of $12,000 and a FMV of $22,000. In 2019, when the FMV of the land is $28,000, the partnership distributes the land to Shelia, another partner. What is the gain or loss recognized by Angel on the distribution to Shelia?

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In 2018, Angel contributes land to a partnership with a basis of $12,000 and a FMV of $22,000. In 20...
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