How much of the total gain does the partnership allocate

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Question: Jessica contributes 10,000 of cash to receive a 50% interest in the JS partnership; Simon contributes land with a 10,000 value to receive the other 50% interest in the partnership. Simon's basis in the land was 8,000. A year later, the partnership sells the land for 10,000. How much of the total gain does the partnership allocate to Jessica? Get expert-level assistance in any subject with our assignment help services.

Reference no: EM133925934

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