gain ecognized by e. $60,000 7. Abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Abigail's recognized gain or loss on the contribution? a. $0 b. $10,000 loss c. $10,000 gain d. $5,000 loss e: $5,000 gain 5. Abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Blair's recognized gain or loss on the contribution? a. $0 b. $10,000 loss c. $10,000 gain d. $5,000 loss e. $5,000 gain nhin Blake contributes cash of $15,000. Ryan alue of $21,000