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A partnership has the following assets. The book basis and tax basis are the same amount. Cash: Basis $7,000 Value $7,000 Machine: Basis $10.000…
A partnership has the following assets. The book basis and tax basis are the same amount.
Cash: Basis $7,000 Value $7,000
Machine: Basis $10.000 Value $5,000
Note payable: Basis $20,000 Value $20,000
If the note payable is a nonrecourse mortgage on the machine, what is the amount of the minimum gain?
$0
$3,000
$10,000
$15,000
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