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Jackson and Mario form a partnership. Mario contributes $200,000 (FMV) in equipment that has a basis of $50,000 for a 1/3 share of the partnership,
Jackson and Mario form a partnership. Mario contributes $200,000 (FMV) in equipment that has a basis of $50,000 for a 1/3 share of the partnership, while Jackson contributes his expertise for a 2/3 share of the partnership. Mario's share is worth $200,000, while Jackson's is worth $300,000. What gain or loss does Mario recognize on the transfer
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