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ane contributes valuable property to a partnership in exchange for a general partnership interest. The partnership also assumes the recourse mortgage Jane incurred when she

ane contributes valuable property to a partnership in exchange for a general partnership interest. The partnership also assumes the recourse mortgage Jane incurred when she purchased the property two years ago.

a.How will the liability affect the amount of gain that Jane must recognize?

b.How will it affect her basis in the partnership interest?

Please answer in 75 words or more.

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