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Alice, Bernadette and Christine form an investment partnership by contributing the following property: Alice: 1,000 shares of closely held stock FMV=$60,000/Basis=$1,000 Bernadette: 100 shares of
Alice, Bernadette and Christine form an investment partnership by contributing the following property:
Alice: 1,000 shares of closely held stock
FMV=$60,000/Basis=$1,000
Bernadette: 100 shares of Google common stock
FMV=$60,000/Basis=$51,000
Christine: 2,000 shares of Bank of America common stock
FMV=$60,000/Basis=$66,000
What gain or loss, if any, does each of them recognize on this transaction?
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