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Mirabelle contributed land with a $5,000 basis and a $9,000 FMV to MS Partnership four years ago. ...

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Mirabelle contributed land with a $5,000 basis and a $9,000 FMV to MS Partnership four years ago. ...

Mirabelle contributed land with a $5,000 basis and a $9,000 FMV to MS Partnership four years ago. This year the land is distributed to Sergio, another partner in the partnership. At the time of distribution, the land had a $12,000 FMV. How much gain should Mirabelle and Sergio recognize?
A)
Mirabelle   Sergio
0   0

B)
Mirabelle   Sergio
$4,000   0

C)
Mirabelle   Sergio
$4,000   $3,000

D)
Mirabelle   Sergio
$5,500   $1,500

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

Read 165 times

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