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Jay contributes property with a fair market value of $143,200 and an adjusted basis of $42,960 to a partnership in exchange for a 25 percent

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Jay contributes property with a fair market value of $143,200 and an adjusted basis of $42,960 to a partnership in exchange for a 25 percent partnership interest. If an amount is zero, enter "O". 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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