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What is the partnership gain or loss on the sale

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Question - Partner X in the XYZ partnership (an equal partnership between X, Y, and Z) sells some land to the partnership. X's basis in the land is $200,000, and the FMV and sales price is $150,000. Suppose that Y is X's father, and the partnership later sells the land for $180,000. What is the partnership's gain or loss on the sale?

Reference no: EM133042632

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