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If the note payable is a nonrecourse mortgage on the

Question - A partnership has the following assets. The book basis and tax basis are the same amount.

Cash: Basis $7,000 Value $7,000

Machine: Basis $10.000 Value $5,000

Note payable: Basis $20,000 Value $20,000

If the note payable is a nonrecourse mortgage on the machine, what is the amount of the minimum gain?

$3,000

$10,000

$15,000

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Accounting Basics: If the note payable is a nonrecourse mortgage on the

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Accounting Basics: If the note payable is a nonrecourse mortgage on the

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