Jamahl Has a 65% Interest in a Partnership

question 55

Multiple Choice

Jamahl has a 65% interest in a partnership.Jamahl sells land to the 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.Due to the sale,Jamahl will recognize

• A)a gain of $20,000.
• B)a loss of $20,000.
• C)$0,but he will have a carryover loss of $20,000.
• D)$0,and he will not have any carryover loss.

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