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Jay contributes property with a fair market value of $14,000 a;nd an adjusted basis of $4,000 to a partnership in exchange for an 8 percent

Jay contributes property with a fair market value of $14,000 a;nd an adjusted basis of $4,000 to a partnership in exchange for an 8 percent partnership interest. a. Calculate the amount of gain recognized by Jay as a result of the transfer of the property to the partnership. b. Calculate Jay's basis in his partnership interest immediately following the contribution to the partnership.

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