Assume the G&L partnership forms with cash contributions of $100,000 each from G and L....
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Accounting
Assume the G&L partnership forms with cash contributions of $ each from G and L The partnership then borrows $ on a nonrecourse loan and purchases a building on leased land for $ Assume that the building is rented and that annual cash revenues equal cash expenses but depreciation of $ per year results in a $ annual loss. All items of income, loss, and deduction are shared equally.
How much is the total minimum gain charge back in the sale?
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