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    Income tax: Gain on Land Sale

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    True/False

    Michael contributes land with a value of $120,000 and a basis of $80,000 to the MNO Partnership in exchange for a 1/4 interest. Soon thereafter, the partnership sells the land for $140,000. Of the gain on the land sale, $15,000 is allocated to Michael.

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    https://brainmass.com/business/accounting/income-tax-gain-land-sale-227068

    Solution Summary

    The gain on land sale is analyzed.

    $2.19

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