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A B Corporation and Y Z Corporation formed a partnership to construct a shopping mall. AB contributed $ 5 4 5 , 0 0 0
Corporation and Corporation formed a partnership to construct a shopping mall. AB contributed $ cash, and contributed land $ FMV and $ basis in exchange for a percent interest in ABYZ Partnership. Immediately after its formation, ABYZ borrowed $ from a local bank. The debt is recourse unsecured by any specific partnership asset
Required:
a Compute each partner's initial basis in its partnership interest, assuming that both and are general partners.
b Compute each partner's initial basis in its partnership interest, assuming that is a general partner, and is a limited partner.
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Compute each partner's initial basis in its partnership interest, assuming that both and are general partners.
tableAmountABs initial basis,YZs initial basis,
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