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Income tax: Gain on Land Sale

Author:
June 17th, 2023

True/False

Michael contributes land with a value of $120,000 and a basis of $80,000 to the MNO Partnership in exchange for a 1/4 interest. Soon thereafter, the partnership sells the land for $140,000. Of the gain on the land sale, $15,000 is allocated to Michael.

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