Cosmo contributed land with a fair market value of $470,000 and a tax basis of $115,300 to the Y Mountain partnership in exchange for a 35 percent profits and capital interest in the partnership. The land is secured by $145,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.) a. How much gain will Cosmo recognize from the contribution?     Gain recognized

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