In 2013,Angel contributes land to a partnership with a basis of $12,000 and a FMV of $22,000.In 2014,when the FMV of the land is $28,000,the partnership distributes the land to Shelia,another partner.What is the gain or loss recognized by Angel on the distribution to Shelia?
A) $0.
B) $10,000.
C) $16,000.
D) $28,000.
Correct Answer:
Verified
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