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How much gain or loss would logan recognize

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Reference no: EM132982419

Problem - Logan transferred property to the existing partnership of Logan, Keegan and Martin. The property had an adjusted basis of $10,000 and a fair market value of $30,000. Two weeks later the partnership distributes $30,000 cash to Logan. How much, if any, gain or loss would Logan recognize?

Reference no: EM132982419

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