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2 . Monica acquired a twenty percent interest in a partnership s capital, profits, and losses by contributing property that has a basis of $

2. Monica acquired a twenty percent interest in a partnerships capital, profits, and losses by contributing property that has a basis of $8,000 and a fair market value of $30,000. The property was subject to a liability of $12,000, which the partnership assumed. Monicas recognized gain and the basis of her partnership interest were
a. Recognized gain=$1,600; Basis of partnership interest=$1,600
b. Recognized gain=$0; Basis of partnership interest=$1,600
c. Recognized gain=$4,000; Basis of partnership interest=$8,000
d. Recognized gain=$1,600; Basis of partnership interest=$0

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