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Loretta contributes property to a partnership in exchange for a 2 5 % partnership interest. The property contributed has a fair market value of $
Loretta contributes property to a partnership in exchange for a partnership interest. The property contributed has a fair market value of $ and a basis of $ on the date of the contribution to the partnership. In addition, Loretta receives a partnership interest, valued at $ in exchange for services rendered to the partnership. What is Loretta's basis in her partnership interest, immediately after these transactions?
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