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XY Partnership has the following assets and liabilities at year-end. The book basis and tax basis are the same amount. Assets Basis Value Machine $
XY Partnership has the following assets and liabilities at year-end. The book basis and tax basis are the same amount.
Assets | Basis | Value |
---|---|---|
Machine | $ 10,000 | $ 18,000 |
Building | $80,000 | $ 100,000 |
Note 1 | $ 15,000 | $ 15,000 |
Note 2 | $90,000 | $ 90,000 |
Note 1 is a nonrecourse note attached to the machine; Note 2 is a nonrecourse note attached to the building. What is the amount of the partnership's minimum gain?
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