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1. Al contributed to the AlphaBeta Partnership, a general partnership, cash of $30,000 in exchange for a 50 percent interest in the Alpha Partnership. At the same time, Bob contributed to the AlphaBeta Partnership a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 that was subject to a mortgage of $120,000 in exchange for a 50 percent interest in the AlphaBeta Partnership. The AlphaBeta Partnership will assume the mortgage on the building. Which of the following Code Sections is or are relevant to the determination of whether or not Al recognizes gain or loss on this transaction?
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