In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

59.) Irene contributes land to Micro Development Partnership for 30% interest. The land's basis is $20,000 and it has a fair market value of $80,000. Micro reports a net operating loss of $100,000 for the year. Irene devotes at least 12 hours a week to managing the partnership operations.

60. Powell owns a 20% interest in Cooke Partnership. At the beginning of 2012,

Powell