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  3. on february 1, year 1, d purchases as interest in

On February 1, year 1, D purchases As interest in ABC for $20 cash....

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Accounting

  1. On February 1, year 1, D purchases As interest in ABC for $20 cash. Assume that ABC has no section 751 (c ) or 751 (d) assets and ignore the accrual of interest on the partnerships mortgage liability. What is the amount and character of As gain or loss?

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