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.

57. Lydia owns 75% of Flower Farms, a partnership. She also owns land that she leases

to Flower Farms for $6,000 per month.

58. Michael buys a piece of property from JFK Partnership for $60,000 that has a

$70,000 basis. Michael owns 80% of JFK partnership.

59. Irene contributes land to Micro Development Partnership for a 30% interest. The

land