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How much gain will the partnership and partners a and b

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Reference no: EM132764253

The ABC Partnership has the following balance sheets at December 31:

                                   Basis                  FMV

Cash                     $45,000                $45,000

Accounts Receivable  0                     108,000

Inventory               66,000               120,000

Land                      420,000             285,000

Capital, A                $177,000         $186,000

Capital, B                   177,000        186,000

Capital, C                      177,000            186,000

                                      $531,000        $558,000

Problem 1: How much gain will the partnership and partners A and B recognize on the sale?

Reference no: EM132764253

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