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In 2 0 2 0 , Adrianna contributed land with a basis of $ 1 6 , 0 0 0 and a fair market value
In Adrianna contributed land with a basis of $ and a fair market value of $ to the A&I Partnership in exchange for a interest in capital and profits. In the partnership distributes this property to Isabel, also a partner, in a current distribution. The fair market value had increased to $ at the time the property was distributed. Isabel's and Adrianna's bases in their partnership interests were each $ at the time of the distribution.
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