Scott owns a 55% interest in XYZ partnership. His sister owns 60% of ABC partnership....
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Accounting
Scott owns a 55% interest in XYZ partnership. His sister owns 60% of ABC partnership. XYZ sold a piece of property with an adjusted basis of $80,000 and a fair market value of $100,000 to ABC for $70,000. What is XYZs recognized loss?
a) $20,000
b) $10,000
c) $ 0
d) $30,000
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