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C, Anna, and Leo formed a calendar year partnership. Profits and losses are to be shared equally by the three partners. C contributed equipment that

C, Anna, and Leo formed a calendar year partnership. Profits and losses are to be shared equally by the three partners. C contributed equipment that had an adjusted basis to him of $500,000 and a fair market value of $600,000. The partnership assumed C's debt of $180,000 on the equipment. What is the basis of C's partnership interest? What is the partnership's basis in the equipment?

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