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08-12-2022
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abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to blair and partners, a partnership. abigail receives a 50 percent interest in blair. what is abigail's recognized gain or loss on the contribution? a.$10,000 gain b.$0 c.$5,000 loss d.$10,000 loss e.$5,000 gain

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