#18

D1 and P2 form ABC General Partnership with each receiving an 50 percent interest. P1 contributes $10,000 of cash and land with a fair market value of $55,000. P1's basis in che land is $20,000. P2 contributes equipment with a fair market value of $12,000 and a building with a fair market value of $33,000. P2 s basis in the equipment is $8,000, and is basis in the building is $20,000. Determine the amount of gain ABC General Partnership must recognize on the transfer of these assets from P1 and P2. 48,0004,000052,000