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Franklin contributes two parcels of property to the JKF Partnership in exchange for a 50% interest in the partnership. The properties were as follows: FMV
Franklin contributes two parcels of property to the JKF Partnership in exchange for a 50% interest in the partnership. The properties were as follows: FMV Basis Property A $425,000 $300,000 Property B $187,000 $155,000 If Property A is later sold for $595,000, how much gain will Franklin recognize
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