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Jay contributes property with a fair market value of $86,000 and an adjusted basis of $25, 800 to a partnership in exchange for a 15
Jay contributes property with a fair market value of $86,000 and an adjusted basis of $25, 800 to a partnership in exchange for a 15 percent partnership interest. If an amount is zero, enter "0". Calculate the amount of gain recognized by Jay as a result of the transfer of the property to the partnership. $ ____ Calculate Jay's basis in his partnership interest immediately following the contribution to the partnership. $ ___
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