What is abigails recognized gain or loss on contribution

Reference no: EM133335455

Assignment:

Question 1. Which of the following cannot be treated as a partnership for tax purposes?

Arnold and Willis operate a restaurant.
Lucy and Desi buy real estate together as a business.
Jennifer and Ben form a corporation to buy and operate a hardware store.
All of the above are associations.

Question 2. A partner's interest in a partnership is increased by:

Capital losses of the company
Tax-exempt interest earned by the partnership
company losses
None of the above

Question 3. Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to Blair and Partners, a partnership. Abigail receives a 50 percent stake in Blair. What is Abigail's recognized gain or loss on the contribution?

$0
$2,000 lost
$1,000 gain
$1,000 lost

Reference no: EM133335455

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