Essay
Ashley contributes property to the TCA Partnership which was formed 7 years ago by Clark and Tara. Ashley's basis for the property is $70,000 and the fair market value is $150,000. Ashley receives a 25% interest for his contribution. Because the TCA Partnership is unsuccessful in having the property rezoned from agricultural to commercial, it sells the property 12 months later for $210,000.
Correct Answer:

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Correct Answer:
Verified
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