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

A partnership has the following assets. The book basis and tax basis are the same amount
Asset. Basis. Value
Cash. 3000. 3000
Machine 10000. 10000
Accounts payable 8000. 8000
Note payable. 15000. 15000
Total 36000. 36000
If the note payable is a recourse mortgage on the machine wat is te amount of minimum gain
A. 0
B. 5000
C. 10000
D. 13000

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ekkarill92 answered 1 year ago
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