He land had a 160000 basis to the corporation a fmv of, Ask an Expert

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Corporation C contributed land used in its business to Muscatine Partnership in exchange for a 30% interest. The land had a $160,000 basis to the corporation, a FMV of $320,000 and was subject to a $290,000 mortgage. Muscatine assumed the mortgage.

a. What amount of gain, if any, is recognized by Corporation C?

b. What is Corporation C's basis in its partnership interest?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9414877

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