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Jay contributes property with a fair market value of $16,000 and an adjusted basis of $5,000 to a partnership in exchange for an 8% partnership
Jay contributes property with a fair market value of $16,000 and an adjusted basis of $5,000 to a partnership in exchange for an 8% 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 immediately following the contribution to the partnership.
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