Partnerships sale of the land

Reference no: EM13129454

In 2007, Beth contributed land with a basis to her of $50,000 and a fair market value of $80,000 to a partnership in exchange for a 30% partnership interest. During 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of gain from the partnership's sale of the land should be allocated to Beth?

Reference no: EM13129454

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