Bob owns 50% of Partnership which sells a plot of land for $300,000. One year ago, Bob had contributed the land to the partnership when the land was worth 200,000. Bob's basis in the land was $100,000. Absent any special allocations in the partnership agreement, how much gain from the land sale is allocated to Bob? $200,000 O $150,000 $100,000 O 300,000
Bob owns 50% of Partnership which sells a plot of land for $300,000. One year ago, Bob had contributed the land to the partnership when the land was worth 200,000. Bob's basis in the land was $100,000. Absent any special allocations in the partnership agreement, how much gain from the land sale is allocated to Bob? $200,000 O $150,000 $100,000 O 300,000
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 25P
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Transcribed Image Text:Bob owns 50% of Partnership which sells
a plot of land for $300,000. One year
ago, Bob had contributed the land to the
partnership when the land was worth
200,000. Bob's basis in the land was
$100,000. Absent any special
allocations in the partnership agreement,
how much gain from the land sale is
allocated to Bob?
O $200,000
O $150,000
O $100,000
O 300,000
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