Blake and Ryan from the Poole partnership. Blake contributes cash of $15,000. Ryan contributes land with an

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Blake and Ryan from the Poole partnership. Blake contributes cash of $15,000. Ryan contributes land with an adjusted basis of $10,000 and a fair market value of $21,000. The land is subject to a $6,000 mortgage that Poole assumes. Blake and Ryan both receive a 50 % interest in Poole. What is Ryan's recognized gain or loss on the contribution?

A $4,000

B $5,000

C $11,000

D $16,000

E None of the above

Posted Date: Jun 26, 2024 06:20 PM

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Blake and Ryan from the Poole partnership. Blake contributes cash of $15,000. Ryan contributes land with an

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