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How muchgain, loss, or income must a Ed recognize as as result of the formation? ED contribute building Basis to Partnership $30,000 FMV $235,000 Partnership

How muchgain, loss, or income must a Ed recognize as as result of the formation?

ED contribute building

Basis to Partnership $30,000

FMV $235,000

Partnership Interest is 5%

The partnership assumes a $210,000 mortgage on the building Ed contributes.

Ed claimed $130,000 ofstraight-line MACRS depreciation on the commercial property.

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