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What is the amount of the minimum gain

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Question - A partnership has the following assets. The book basis and tax basis are the same amount.

Cash: Basis $7,000 Value $7,000

Machine: Basis $10.000 Value $5,000

Note payable: Basis $20,000 Value $20,000

If the note payable is a nonrecourse mortgage on the machine, what is the amount of the minimum gain?

$0

$3,000

$10,000

$15,000

Reference no: EM131932448

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