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Ismay contributes cash of $15,000 and property with an adjusted basis of $5,000 to a partnership in exchange for a 50% interest. The partnership assumes

Ismay contributes cash of $15,000 and property with an adjusted basis of $5,000 to a partnership in exchange for a 50% interest. The partnership assumes $3,000 of debt associated with the property. What is Ismay's basis in the partnership after accounting for the assumption of the debt and then Ismay's share of the partnership's mortgage

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