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TB MC Qu.20-29(Algo) Sue and Andrew form SA general partnership Sue and Andrew form...

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Accounting

TB MC Qu.20-29(Algo) Sue and Andrew form SA general partnership
Sue and Andrew form SA general partnership. Each person. receives an equal interest in the newly created
partnership. Sue contributes $27,000 of cash and land with an FMV of $72,000. Her basis in the land is $37,000.
Andrew contributes equipment with an FMV of $29,000 and a building with an FMV of $50,000. His basis in the
equipment is $25,000, and his basis in the building is $37,000. How much gain must the SA general partnership
recognize on the transfer of these assets from Sue and Andrew?
Multiple Choice
$0
$4,000
$48,000
$52,000
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