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In exchange for a 50% partnership interest partner A transfers investment land to the AB partnership with FMV and AB of 120 and 10, respectively.
In exchange for a 50% partnership interest partner A transfers investment land to the AB partnership with FMV and AB of 120 and 10, respectively. The land is subject to a 50 recourse liability, which is assumed by the partnership. Partner B receives a 50% interest in exchange for inventory with FMV and AB of 70 and 35 respectively. What are the consequences?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
