Partnership KBCD owns a building with a tax basis of $2,100,000 and a book value...
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Accounting
Partnership KBCD owns a building with a tax basis of $2,100,000 and a book value of $2,900,000. The building (which was contributed to the partnership by a partner) is encumbered by a nonrecourse mortgage of $3,150,000.
a. What is the Book/Partnership Minimum Gain (if any) with respect to this property?
b. What is the Code Sec. 704(c) minimum gain (if any) with respect to this property?
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