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George sells one parcel of land with a basis of $ 1 0 0 , 0 0 0 for its fair market value of $
George sells one parcel of land with a basis of $ for its fair market value of $ to a partnership in which he owns a capital interest. George held the land for investment purposes. The partnership is in the real estate development business and will build residential housing for sale to customers on the land the land is inventory to the partnership George will recognize:
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