The partnership sold the land for 85000 to an unrelated, Ask an Expert

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. In 2007, Beth contributed land with a basis to her of $50,000 and a fair market value of $80,000 to a partnership in exchange for a 30% partnership interest. During 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of gain from the partnership's sale of the land should be allocated to Beth?

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Accounting Basics, Accounting

Category:- Accounting Basics
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