A partnership has the following assets and liabilities. The book basis and tax basis are...
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Accounting
A partnership has the following assets and liabilities. The book basis and tax basis are the same amount.
Aseet Basis Value
Building 90,000 92,000
Accounts payable 8,000 8,000
Note Payable 85,000 85,000
Total 183,000 185,000
If the note payable is a nonrecourse mortgage on the building, what is the amount of the minimum gain?
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