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John and Yi formed the X partnership on June 16, 20X6. They agreed to split profits and losses equally. John contributed $20,
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Answer #1

11. Option B

Total gain = FMV - Mortgage amount

= 50000 - 30000 = 20000

Yi's recognized gain = 20000 / 2 (equal sharing as given) = 10000

12. Option A

Yi's basis = basis of machine = 5000

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