Mark and Addison formed a partnership. Mark received a 25% interest in partnership capital and profits in exchange for land with a basis of $40,000 and a fair market value of $60,000. Addison received a 75% interest in partnership capital and profits in exchange for $180,000 of cash. Three years after the contribution date, the land contributed by Mark is sold by the partnership to a third party for $76,000. How much taxable gain will Mark recognize from the sale

$24,000

Explanation:

Calculation to determine How much taxable gain will Mark recognize from the sale

Mark allocated precontribution gain $20,000

($40,000-$60,000)

Add Post contribution gain $4,000

($60,000-$76,000*25%]

Taxable gain $24,000

($20,000+$4,000)

Therefore How much taxable gain will Mark recognize from the sale is $24,000

don't be her freind because that peson is egnoring you so don't be her freind

answer; a large down payment,a longer term loan, would result in a lower monthly payment;