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I Norma contributes the following to ABC Partnership for a 25% interest: Cash: $30,000 Building: $250,000 FMV $150,000 Adjusted basis $175,000 Nonrecourse mortgage Prior to
I Norma contributes the following to ABC Partnership for a 25% interest: Cash: $30,000 Building: $250,000 FMV $150,000 Adjusted basis $175,000 Nonrecourse mortgage Prior to the contribution, ABC has $80,000 of account payable(nonrecourse liability) and $100,000 recourse bank loan listing the existing partners by name a. What is Norma's outside basis in her partnership interest before debit relief? b. What is Norma's outside basis in her partnership interest? c. What is ABC;s basis in the building? d. What is Norma's inside basis in ABC's new building? e. What is the inside basis in the building for the other ABC partners
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