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2. On July 1 of the current year, Bertram acquired a 25% intrest in sycamore company, a partnership, by contributing property with an adjusted basis
2. On July 1 of the current year, Bertram acquired a 25% intrest in sycamore company, a partnership, by contributing property with an adjusted basis of $7000 and a fair market value of $12,000. The property was subject to a mortgage of $8000 which was assumed by Sycamore company. What is Bertram's basis in his partnership interest in Sycamore company immediately after the partnership contribution?
A. $7000
B. $1,000
C. $12,000
D. $0
E. None of these choices are correct
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