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What gain or loss will the partnership allocate to ray

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Problem 1: Ray contributes land with a fair market value of? $100,000 and a tax basis of? $40,000 for a? 1/3 interest in a partnership. Susan contributes cash of? $200,000 for a? 2/3 interest in the partnership. 2 years later the partnership sells the contributed land to a third party for? $400,000. What gain or loss will the partnership allocate to Ray and Susan on the sale of the land? ?

A. Ray is allocated? $180,000; Susan is allocated? $180,000

B. Ray is allocated? $120,000; Susan is allocated? $240,000

C. Ray is allocated? $160,000 ; Susan is allocated? $200,000

D. Ray is allocated? $100,000 ; Susan is allocated? $200,000

Reference no: EM132842380

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