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Abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to Blair and Partners, a partnership. Abigail receives a
Abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Abigail's recognized gain or loss on the contribution?
a.$5,000 gain
b.$10,000 gain
c.$0
d.$5,000 loss
e.$10,000 loss
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