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How much loss does heather realize and recognize

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Problem - Heather sells land (adjusted basis, $75,000; fair market value, $95,000) to a partnership in which she controls an 80% capital interest. The partnership pays her only $50,000 for the land.

Required -

a. How much loss does Heather realize and recognize?

b. If the partnership later sells the land to a third party for $80,000, how much gain does that partnership realize and recognize?

Reference no: EM132663176

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