itsbritt5393 itsbritt5393

23-05-2023
Business

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Connie contributes a plot of land to her partnership in which she and Chelsea are equal (50%) partners. Connie's basis in the land was $23,000 and the value of the land was $26,000. How much gain or loss is allocated to each partner if the partnership sells the land for (i) $26,000? (ii) $40,000?

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