At June 30, Year 1, Burns and Cooper were equal partners in a partnership with...
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At June 30, Year 1, Burns and Cooper were equal partners in a partnership with net assets having a tax basis and fair market value of $100,000. On July 1, Year 1, Todd contributed securities with a fair market value of $50,000 (purchased 10 years ago at a cost of $35,000) to become an equal partner in the new firm of Burns, Cooper, and Todd. The securities were sold on December 15, Year 2, for $65,000. How much of the partnership's capital gain from the sale of these securities should be allocated to Todd? a$10,000 b$15,000 c$20,000 d$5,000
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