Sol Marinara is one of four equal partners in the MSG Partnership. During the current year, Sol transfers land to the partnership as a capital contribution. He had acquired the land several years ago for $146,000. At the time of transfer, it is valued at $472,000. He would like to use any available rollover provision in order to minimize his current taxes. Assuming the appropriate rollover provision is used, what are the tax consequences of this transfer?

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The Answer of Sol Marinara is one of four equal partners in the MSG Partnership. During the current year, Sol transfers land to the partnership as a capital contribution. He had acquired the land several years ago for $146,000. At the time of transfer, it is valued at $472,000. He would like to use any available rollover provision in order to minimize his current taxes. Assuming the appropriate rollover provision is used, what are the tax consequences of this transfer?

Sol Marinara Is One of Four Equal Partners in the MSG