Question

Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $16,000 of cash and land with a FMV of $61,000. Her basis in the land is $26,000. Andrew contributes equipment with a FMV of $18,000 and a building with a FMV of $39,000. His basis in the equipment is $14,000, and his basis in the building is $26,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

Answer 1

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