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Business, 08.04.2021 17:20 anonymous12443535

Last year, Mariah contributed land (basis of $60,000; fair market value of $80,000) to the Albatross LLC in exchange for a 25% interest in the LLC. In the current year, the LLC distributes the land (now worth $82,000) to Nadine, who is also a 25% owner. Immediately prior to the distribution, Mariah's basis in the LLC was $70,000, while Nadine's basis in the LLC was $110,000. How much gain or loss must be recognized and by whom

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Last year, Mariah contributed land (basis of $60,000; fair market value of $80,000) to the Albatross...
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