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Henry, Harry, and Hubter formed a partnership on January 1 , 2 0 2 0 . Henry and Hunter each contributed $ 2 0 0

Henry, Harry, and Hubter formed a partnership on January 1,2020. Henry and Hunter each contributed $200,000 and Harry transferred a building purchased two years earlier. The building had a tax basis of $150,000 and was appraised at $300,000. The building was also encumbered with a $100,000 mortgage. What is each partners adjusted tax basis immediately after partnership formation?

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