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5. Partners W, X, Y, and Z form the Ace partnership, contributing the following: How much is each partner's basis in their partnership interest? How

image text in transcribed 5. Partners W, X, Y, and Z form the Ace partnership, contributing the following: How much is each partner's basis in their partnership interest? How much is each partner's book capital account under Treas. Reg 1.704-1(b)(2)(iv)? What is each property's basis to the partnership (assume that a Code Sec. 754 election is not in effect)

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