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5. Tom and Julie are equal partners in a partnership. When forming the partnership, Tom contributed a building with an FMV of $550,000 and a

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5. Tom and Julie are equal partners in a partnership. When forming the partnership, Tom contributed a building with an FMV of $550,000 and a basis of $175,000. During the first year of operations, the partnership earned $170,000 in ordinary income and tax- exempt interest of $2,500. Assuming no special allocations, Tom's basis in the partnership interest at the end of the year is

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