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Q.4 At the formation of Berry Partnership, Straw contributes land with...

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Accounting

Q.4
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At the formation of Berry Partnership, Straw contributes land with a basis of $125,000 and a fair market value of $375,000, and Rasp contributes cash of $375,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $625,000, Rasp must recognize a gain of how much? $125,000 $250,000 $375,000 $500,000

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