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Kevin owns 70% of the capital and profits interests of a partnership. The partnership needs land to build a new office; Kevin agrees to sell

Kevin owns 70% of the capital and profits interests of a partnership. The partnership needs land to build a new office; Kevin agrees to sell a parcel he owns to the partnership for its value, $700,000. The parcels basis to Kevin is $9,900,000. A few months later the partnership is forced to abandon its office plans and sells the parcel for $750,000. What are the tax consequences of the transactions?

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