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Rocky and Bullwinkle Partnership transferred a parcel of land during the current year and realized a gain of $250,000. However, Rocky and Bullwinkle did not

Rocky and Bullwinkle Partnership transferred a parcel of land during the current year and realized a gain of $250,000. However, Rocky and Bullwinkle did not recognize gain related to the sale of the land on its tax return. Is this possible? Explain how a taxpayer could realize a gain but not recognize it.

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