True/False
Ken and Lars formed the equal KL Partnership during the current year; Ken contributes $100,000 in cash and Lars contributes land (basis of $60,000, fair market value of $40,000) and equipment (basis of $0, fair market value of
$60,000). Lars recognizes a $40,000 gain on the contribution and his basis in his partnership interest is $100,000.
Correct Answer:

Verified
Correct Answer:
Verified
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