D Question 33 10 pts John buys into a partnership by contributing property worth $1,000,000 with a basis of $150,000 to the North Partnership in exchange for a 1% interest in the partnership. The partnership has existed for 250 years and has many partners. What is the tax impact to John and to the North Partnership? What is the basis of the North Partnership in the contributed property and what is John's basis in the North Partnership? Edit View Insert Format Tools Table V 12pt Paragraph BIUA P O words 80 13 a % 6 85 55 3 4 &7 48 DII FB 8: F10