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On May 4, 2020, Jim contributes equipment with a tax basis of $25,000 and a...

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Accounting

On May 4, 2020, Jim contributes equipment with a tax basis of $25,000 and a FMV of $40,000 in exchange for a 25% interest in partnership AB LP. Jim purchased the equiment on May 3, 2019. Jim will recognize a long term gain of $15,000. Answer: True False

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