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Partnership has the following assets. The book basis and the tax basis are the same amount. cash basis 3000 value 3000 machine basis 10000 value
Partnership has the following assets. The book basis and the tax basis are the same amount. cash basis 3000 value 3000 machine basis 10000 value 10000 account payable basis 8000 value 8000 note payable basis 15000 value 15000 Totals: basis 36000 value 36000
If the note payable is Recourse mortgage on the machine what is the amount of minimum gain?
A) 0 B) 5000 C) 10000 D) 13000
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