An individual receives a $40\%$ share in a partnership in exchange for contributing some property with a fair market value of $$300,000$ to the partnership. The property had a $$120,000$ basis to the partnership, and the partnership also assumes the individual's $$50,000$ in liabilities related to the purchase of the property.

What is the individual's basis in the partnership if the partnership had $$30,000$ in liabilities prior to this transaction?

O $$80,000$

O $$102,000$

O $$132,000$

O $$162,000$

An individual who runs a solo practice agrees to merge her business with a large partnership in return for a $10\%$ share in the partnership.

The individual's solo practice has a fair market value of $$250,000$ and a $$150,000$ basis to the individual. The partnership also assumes the individual's $$70,000$ in liabilities related to the solo practice.

What is the individual's basis in the partnership if the partnership had $$800,000$ in liabilities prior to this transaction?

$$167,000$

$$230,000$

$$267,000$

O $$330,000$

A taxpayer wants to contribute property with a fair market value of $$30,000$ and a basis of $$40,000$ to a newly formed partnership.

What is the best strategy for the taxpayer for this transaction?

Sell the asset ga loss and contribute the proceeds to the partnership

Sell the asset for a gain and contribute the proceeds to the partnership

Contribute the property to the partnership and defer the loss

Contribute the property to the partnership and defer the gain