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Author Question: Lance transferred land having a $180,000 FMV and a $105,000 adjusted basis, which is subject to a ... (Read 61 times)

crobinson2013

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on: Sep 13, 2020
Lance transferred land having a $180,000 FMV and a $105,000 adjusted basis, which is subject to a $150,000 mortgage in exchange for a one-third interest in the Trois Partnership.  Lance acquired the land in 2002. The partnership owes no other liabilities. Lance, Rhonda, and Zach share profits and losses equally and each has an one-third interest in partnership capital. The tax effect to Lance is
◦ no gain or loss recognized.
◦ recognized gain of $45,000 on the transfer.
◦ recognized gain of $75,000 on the transfer.
◦ recognized loss of $45,000 on the transfer.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by crobinson2013 on Sep 13, 2020

alexisweber49

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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crobinson2013

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

smrtceo

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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