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A partnership has the following assets and liabilities. The book basis and tax basis are the...

A partnership has the following assets and liabilities. The book basis and tax basis are the same amount.

Aseet                                         Basis                              Value

Building                                    90,000                            92,000

Accounts payable                       8,000                             8,000

Note Payable                            85,000                           85,000

Total                                        183,000                         185,000

If the note payable is a nonrecourse mortgage on the building, what is the amount of the minimum gain?

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ekkarill92 answered 2 years ago
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