Adam sold the land in the following tax year for $18,000. Select the amount of gain or
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Question:
Adam sold the land in the following tax year for $18,000. Select the amount of gain or loss Adam should report from his sale of the land previously received in the partnership distribution. (See Question 1.)
a) $13,000
b) $ 8,000
c) ($ 3,000)
d) $ 3,000
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