In February of the current year, Cammy contributed an office building to the CJ Partnership for a partnership interest. The office building had an adjusted basis of $45,000 and a FMV of
$60,000. Cammy acquired the office building 10 years ago for $100,000.
What gain or loss should Cammy report on the contribution to the partnership?
a. No gain or loss.
b. $15,000 ordinary income.
c. $15,000 ordinary income and $40,000 capital gain.
d. $55,000 capital gain.
Answers: 2
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