Question: Blaine contributes property valued at $ 5 0 , 0 0 0 ( basis of $ 4 0 , 0 0 0 ) in exchange

Blaine contributes property valued at $50,000(basis of $40,000) in exchange for a 25% interest in the BIKE Partnership. If the property is later sold for $70,000, gain of $15,000 will be allocated to Blaine.
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