Katlin contributes land to a partnership with a basis of $44,000 and an FMV of...
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Accounting
Katlin contributes land to a partnership with a basis of $44,000 and an FMV of $56,000 in 2020. In 2022, when the FMV of the land is $58,000, the partnership distributes the land to Bailey, another partner. Which of the following is true
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