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John and Susan formed a partnership. Susan contributed $50,000 in cash and John contributed property with an adjusted basis of $60,000 and a fair market
John and Susan formed a partnership. Susan contributed $50,000 in cash and John contributed property with an adjusted basis of $60,000 and a fair market value of $55,000. The partnership sold the property for $45,000 two years after forming the partnership. How much capital gain or loss should the partnership recognize on the sale of the contributed property? Question 2Select one: a. $ 5,000 loss b. $10,000 gain c. $15,000 loss d. $10,000 loss
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