Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to
Question:
Abigail contributes land with an adjusted basis of $56,000 and a fair market value of
$58,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Blair’s basis in the land?
a. $0
b. $28,000
c. $29,000
d. $56,000
e. $58,000
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Related Book For 
Income Tax Fundamentals Whittenburg Gill 2020
ISBN: 9780357107065
1st Edition
Authors: Whittenburg/Altus Buller/Gill
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