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Matt contributes cash of $5,000 and land with a basis of $30,000 and FMV of...

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Accounting

Matt contributes cash of $5,000 and land with a basis of $30,000 and FMV of $10,000 in exchange for a 50% interest in Corey & Matt Investments, Limited Partnership. What is the gain or loss realized and recognized by Matt upon contribution of his property?

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