Margie owns a 30% direct interest in the capital and profits of a family partnership.During the year,Margie sells land (basis of $400,000)to the partnership for its fair market value of $380,000.Could there be a reason why Margie's realized loss of $20,000 from the sale cannot be recognized? Explain.

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The Answer of Margie owns a 30% direct interest in the capital and profits of a family partnership.During the year,Margie sells land (basis of $400,000)to the partnership for its fair market value of $380,000.Could there be a reason why Margie's realized loss of $20,000 from the sale cannot be recognized? Explain.

Margie Owns a 30% Direct Interest in the Capital and Profits