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Annabelle, Boden, and Christy form ABC Partnership as equal partners. Annabelle and Boden contribute cash of $50,000 each and Christy contributes equipment with a $100,000

Annabelle, Boden, and Christy form ABC Partnership as equal partners. Annabelle and Boden contribute cash of $50,000 each and Christy contributes equipment with a $100,000 fair market value and $85,000 basis. The equipment is subject to a $45,000 liability, which is assumed by the partnership. 


What is ABC Partnership's basis in the equipment contributed by Christy?

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