Jamahl Has a 65% Interest in a Partnership

question 119

Multiple Choice

Jamahl has a 65% interest in a partnership.Jamahl sells land to the JK partnership for $70,000.Prior to the sale,the land had a FMV of $70,000 and an adjusted basis of $90,000 to Jamahl.Two years later,the partnership sells the land for $123,000.Due to the sale,the partnership will recognize

• A)a gain of $13,000.
• B)a loss of $53,000.
• C)a gain of $33,000.
• D)a loss of $20,000.

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