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Kelly contributes land with a FMV of $100,000 and a basis of $50,000 to the Ryan Partnership in exchange for a 25% partnership interest. The

Kelly contributes land with a FMV of $100,000 and a basis of $50,000 to the Ryan Partnership in exchange for a 25% partnership interest. The partnership assumes the $80,000 mortgage on the land. The Ryan Partnership has $8,000 in liabilities immediately before Kelly's contribution. What is Kelly's basis in her partnership interest

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