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D Question 8 Bemand owns a 20% profit and loss interest in the BC Partnership. Bernard acquired his interest by contributing a noncash, nondepreciable capital

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D Question 8 Bemand owns a 20% profit and loss interest in the BC Partnership. Bernard acquired his interest by contributing a noncash, nondepreciable capital asset with a fair market value of $20,000 and an adjusted basis of $5,000. Cora acquired her 80% interest by contributing cash of $80,000. Soon after forming the partnership, the asset contributed by Bernard is ents sold for $30,000. Assuming no other transactions during the year, Cora includes the following gross income from the partnership: None of the above. O $8,000 n

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