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Emil Emory contributes property to a new partnership for a 50 percent interest in the partnership. the property has an adjusted basis in Emil's hands
Emil Emory contributes property to a new partnership for a 50 percent interest in the partnership. the property has an adjusted basis in Emil's hands of 30000. the property was also subject to an 80000 mortgage that was assumed by the partnership. what is Emil Emory's basis in his partnership interest?
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