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  3. 3. karen is a 20% partner in smith partners. the o

3. Karen is a 20% partner in Smith Partners. The other interests in the partnership...

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Accounting

image 3. Karen is a 20% partner in Smith Partners. The other interests in the partnership are owned by Karen's parents and siblings. The partnership has $250,000 of liabilities outstanding. Karen's share of these liabilities is $50,000(20%). The partnership's balance sheets are as follows: a. How much gain must Karen recognize on transfer of the partnership interest to her alma mater? b. What is the amount of Karen's charitable contributions deduction

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