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Kenneth contributed property in exchange for an interest in a partnership at the time of the contribution. The property had an adjusted basis of $10,000
Kenneth contributed property in exchange for an interest in a partnership at the time of the contribution. The property had an adjusted basis of $10,000 and a fair market value of 18,503 years later, the partnership sold the property to an unrelated party for 19,000 what is the amount of built in game for which Kenneth will be taxed as a result of the sale
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