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How much gain will Cosmo recognize from the contribution

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Question - Cosmo contributed land with a fair market value of $422,500 and a tax basis of $108,750 to the Y Mountain partnership in exchange for a 20 percent profits and capital interest in the partnership. The land is secured by $207,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. How much gain will Cosmo recognize from the contribution?

Reference no: EM133059402

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