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Exercise 20-33 (Algorithmic) (LO. 9) Christian and Mia form the CM Partnership, each receiving a 50% capital interest. Christian contributed property worth $586,100 (adjusted basis
Exercise 20-33 (Algorithmic) (LO. 9) Christian and Mia form the CM Partnership, each receiving a 50% capital interest. Christian contributed property worth $586,100 (adjusted basis of $674,015), while Mia contributed property worth $615,405 (subject to a mortgage of $30,770 that is assumed by CM) with an adjusted basis of $430,784. If an amount is zero, enter "0". If required, round any computations to the nearest dollar. a. How much gain (or loss) do the parties recognize? Gain: $ 07 Loss: $ 555,330 x Feedback b. What is Mia's basis in her partnership interest? $ 400,014 X Feedback Feedback
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