Kitty is a 60 percent partner of Tabby Associates. Kitty sells a building to the partnership for $75,000. If the building had an adjusted basis to Kitty of $95,000, how much gain or loss does Kitty recognize on this transaction?
A) $95,000 loss
B) $20,000 loss
C) $0 gain or loss
D) $20,000 gain
E) None of these
Correct Answer:
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