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Alex and Bern are 50:50 partners in AB, LLC that is treated as a partnership. Alex contributed land with a fair market value of $500,000

Alex and Bern are 50:50 partners in AB, LLC that is treated as a partnership. Alex contributed land with a fair market value of $500,000 that is subject to a nonrecourse liability of $350,000. Alex's basis in the land was $320,000. Bern contributed cash of $150,000. How are these liabilities allocated between Alex and Bern and what is the effect?

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