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Business, 27.06.2020 21:01 Clivensp5

Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Blair's recognized gain or loss on the contribution? a.$0 b.$1,000 gain c.$2,000 loss d.$2,000 gain e.$1,000 loss

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