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QUESTION
AB Partnership has the following assets and liabilities at year end. The book basis and tax basis are the same amount.
$90000 basis $90000 value
Note 1 is a recourse note attached to the machine, Note 2 is a nonrecourse note attached to the building. What is the amount of the partnership's minimum gain?
- $3000
- $8000
- $10000
- $18000
