Courtney owns a 70% interest in Razzle Partnership and an 85% interest in Dazzle Partnership....
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Courtney owns a 70% interest in Razzle Partnership and an 85% interest in Dazzle Partnership. IN August, 2015, Dazzle sold land to Razzle for $2.3 million. The land had a basis to Dazzle of $2.5 million. In September 2015, Razzle sold the land to an unrelated individual for $3 million. Determine the gain that Razzle should recognize.
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