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Jimmy had investment land that he purchased in 1995 for $85,000. Two years ago, when the land was contributed to the FUN partnership, the FMV

Jimmy had investment land that he purchased in 1995 for $85,000. Two years ago, when the land was contributed to the FUN partnership, the FMV was $40,000. The land is inventory in the lands of the FUN partnership. The partnership then sells the land in the current year for $36,000.

What is the partnership s recognized loss?

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