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Contribution of the property to the partnership

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During 2014, Norman contributed investment property held for over one year to the Mary Ann Partnership for a 40% interest in partnership capital & profits. His tax basis in the property contributed was $8,000, & the property had a FMV of $10,000 on the date of the contribution to the partnership. What gain or loss should Norman report as a result of the contribution of the property to the partnership in exchange for the 40% partnership interest?

Reference no: EM13984356

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