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Cheryl and Joseph formed a partnership.Cheryl received a 50% interest in partnership capital and profits in exchange for contributing land with a basis of $140,000 and a fair market value of $300,000.Joseph received a 50% interest in partnership capital and profits in exchange for contributing $300,000 of cash.Three years after the contribution date, the land contributed by Cheryl is sold by the partnership to a third party for $380,000.How much taxable gain will Cheryl recognize from the sale?
Identical Twins
Twins resulting from the division of a single fertilized egg, sharing the same genetic material.
Alzheimer's Disease
A progressive neurological disorder characterized by memory loss, language deterioration, and impaired ability to mentally manipulate visual information, leading to the decline in cognitive function.
Leisure Activity
Voluntary activities undertaken for enjoyment, amusement, or pleasure, often during one's free time.
Psychological Problem
A condition impacting an individual's cognitive, emotional, or social well-being, often requiring professional intervention.
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