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What is Abigail recognized gain or loss on the contribution

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Reference no: EM132677055

Problem - Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Abigail's recognized gain or loss on the contribution?

a. $0

b. $2,000 gain

c. $2,000 loss

d. $1,000 gain

e. $1,000 loss

Reference no: EM132677055

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