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Posted on Jul 23, 2024

Damien contributed property to a partnership in exchange for a partnership interest. The property had a fair market value of $ 8 8 0 0

Damien contributed property to a partnership in exchange for a partnership interest. The property had a fair market value of $

8800

at the time of the contribution and an adjusted basis a $

5000 .

What is the amount of Damien

s tax basis in the contribution, and what is the amount of the built in gain to be recognized?

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