1. Anna contributes four wind turbines with $100,000 fair market value (FMV) for a 50% interest in JSC Partnership. The turbines have an adjusted basis of $45,000 and a $12,000 note against them; Anna also renders legal services valued at $13,000.

a.What is Anna's basis in the partnership interest?

b. Does she recognize any taxable gain on this transaction?

2. Leisle contributes raw land with a FMV of $2,000,000 for 60% interest in Fuel Cell Tech LLP. The land has a basis of $450,000 and a mortgage of $1,200,000.

a. What is Leisle's basis in the partnership interest and does she have any taxable gain on this transaction?

3. Partner Melissa has a Pieces of $10,000 in a partnership at the beginning of the year she receives $6000 in cash distributions are distributed share of income is $5000 and she receives the land distribution with the bases of $8000 (FMV $20,000).

a. What is Melindas basis at the end of the year?