Question
33) On March 10, Year 1, Daniel contributed land in exchange for a 25% partnership interest in Parr Company. The fair market value of the
33) On March 10, Year 1, Daniel contributed land in exchange for a 25% partnership interest
in Parr Company. The fair market value of the land at that time was $40,000, and
Daniel's adjusted basis was $25,000. On December 2, Year 4, Parr distributed that land
to another partner. The fair market value at that time was $50,000. What is the amount of
Daniel's recognized gain from this transaction?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
14th Edition
1119707110, 978-1119707110
