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Xs basis in the property was 200 and it was subject to a

Question - X transferred property to an LLC and received a 25% interest in the partnership profits, losses, and capital. X's basis in the property was $200 and it was subject to a nonrecourse mortgage for $500. What is X's taxable gain on the transfer?

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Accounting Basics: Xs basis in the property was 200 and it was subject to a

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Accounting Basics: Xs basis in the property was 200 and it was subject to a

Reference No:- TGS02621490

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