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Rosalie is a real estate developer and owns property that is treated as inventory (not...

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Accounting

Rosalie is a real estate developer and owns property that is treated as inventory (not a capital asset) in her business. She contributed a parcel of this land (basis $40,000; fair market value $48,000) to a partnership, which will also hold it as inventory. After three years, the partnership sells the land for $60,000. The partnership will recognize a $20,000 capital gain on sale of the property.

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