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X transferred property to an LLC and received a 25...

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X transferred property to an LLC and received a 25% interest in the partnership profits, losses, and capital. X?s basis in the property was $200 and it was subject to a nonrecourse mortgage for $500. What is X?s taxable gain on the transfer?,The correct answer is 175.

 

Paper#4830 | Written in 18-Jul-2015

Price : $25
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