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What kay share of the loss from the sale of land is

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Problem 1: In February of Year 1, Mary contributed cash of $50,000 and Kay contributed land with an adjusted basis of $70,000 and a fair market value of $50,000 to form a patnership. In Year 3, the land was sold for $36,000. Kay's share of the loss from the sale of land is

A. $34,000
B. $27,000
C. $17,000
D. $7,000

Reference no: EM132688853

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