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Greg, a 40% partner in GSS Partnership, contributed land to the partnership in exchange for his partnership interest when the partnership was formed. At the time, his basis in the land was $30,000 and its FMV was $133,000. Three years after the partnership was formed, GSS Partnership decided to sell the land to an unrelated party for $150,000. When the land is sold, how much of the gain should be allocated to each partner of GSS Partnership if Sam and Steve are each 30% partners?
Largest
Describing the most extensive or significant size, volume, or quantity in comparison to others within a group or category.
Range
The difference between the highest and lowest values in a set of data, indicating the data's spread or variability.
Distribution
The process of making a product or service available for use or consumption by a consumer or business user.
Following
The act of going after or behind someone or something, typically to observe or track.
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