McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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Rocky and Bullwinkle Partnership sold a parcel of land during the current year and realized a gain of $250,000.Rocky and Bullwinkle did not recognize gain related to the sale of the land on its tax return.Is this possible? Explain how a taxpayer could realize a gain but not recognize it.