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B contributed land with a basis of $100 and a fair market value of $150. C contributed $150 cash. B and C share profit and loss equally. The partnership sold the land for $130. Assume the partnership had $60 in other income (in addition to the gain on the land). Tell me the correct taxable income for each partner, using section 704(c) principles.

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Financial Accounting, Accounting

Category:- Financial Accounting
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