Jim Cash, one of two equal partners, contributed business property with a basis to him...
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Accounting
Jim Cash, one of two equal partners, contributed business property with a basis to him of $15,000 and a fair market value of $10,000 to the partnership of which he was a member. His capital account was credited with $10,000. The property later was sold for $16,000. As a result of this sale, how much gain or loss is allocable to Jim? a. $1,000 loss b. $1,000 gain c. $500 gain d. $6,000 loss e. None of the above
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