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Mary and Todd form the MT Partnership, with a transfer of the following properties: Mary $ 3 , 6 0 0 , 0 0 0

Mary and Todd form the MT Partnership, with a transfer of the following properties:
Mary $3,600,000 cash
Todd $3,600,000 FMV property
$1,600,000 tax basis
Mary will receive 50% and Todd 50% of the capital, profits, and losses of the partnership.
Complete the followi

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