Cal contributes property valued at $50,000 (adjusted basis = $30,000) to a partnership in exchange for a partnership interest valued at $40,000 and $10,000 cash.What is Cal's recognized gain or loss on these transfers?
A)0
B)$4,000
C)$10,000
D)$20,000

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The Answer of Cal contributes property valued at $50,000 (adjusted basis = $30,000) to a partnership in exchange for a partnership interest valued at $40,000 and $10,000 cash.What is Cal's recognized gain or loss on these transfers?
A)0
B)$4,000
C)$10,000
D)$20,000

Cal Contributes Property Valued at $50,000 (Adjusted Basis = $30,000)