Yong contributes a machine having adjusted basis of 20000

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Reference no: EM13390633

Yong contributes a machine having an adjusted basis of $20000 and a FMV of $25000 for a 10% partnership interest. Yong had taken $10000 of depreciation prior to the contribution. The partnership has no liabilities. As a result of the contribution, Yong must recognize:

A) No gain or loss

B) A $5000 sec. 1245 gain

C) A $5000 capital gain

D) $10,000 ordinary income

Reference no: EM13390633

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