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7. Mike owns a portfolio of tax-exempt bonds with a basis of $50,000 and a fair market value of $100,000. Melissa owns a portfolio consisting

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7. Mike owns a portfolio of tax-exempt bonds with a basis of $50,000 and a fair market value of $100,000. Melissa owns a portfolio consisting of publicly traded stock with a basis of $50,000 and a fair market value of $100,000. Mike and Melissa contribute their entire portfolios to a partnership and agree to share profits and losses equally. What are the tax consequences on formation

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