Bashful contributes land (AB 20, FMV 50) to a partnership in exchange for a 20% interest. The partnership has no liabilities before this contribution, but the land has a mortgage of 40 attached Question 12 (0.5 points) 1) Listen What is Bashful's beginning basis in the partnership? 18 28 (12) 58 42 What are the tax consequences, if any, to Bashful on this contribution? No tax consequences. He will have to recognize some ordinary income. He will have to recognize some capital gain