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Cosmo contributed land with a fair market value of $387,500 and a tax basis of $94,500 to the Y Mountain Partnership in exchange for a
Cosmo contributed land with a fair market value of $387,500 and a tax basis of $94,500 to the Y Mountain Partnership in exchange for a 25 percent profits and capital interest in the partnership. The land is secured by a $133,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any liability. Note: Leave no answer blank. Enter zero if applicable. b. What is Cosmo's tax basis in his partnership interest?
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