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Nancy contributed property to the newly formed EB Partnership. The property had a $ 1 0 0 , 0 0 0 adjusted basis to Nancy
Nancy contributed property to the newly formed EB Partnership. The property had a $ adjusted basis to Nancy and a $ fair market value on the contribution date. The property was also encumbered by a $ nonrecourse debt, which was transferred to the partnership on that date. Nancy is treated as a general partner. She is allocated of EB's profits and of EB's losses. Nancy's basis in the partnership interest after the formation transaction is:
Nancy contributed property to the newly formed EB Partnership. The property had a $ adjusted basis to Nancy and a $ fair market value on the contribution date. The property was also encumbered by a $ nonrecourse debt, which was transferred to the partnership on that date. Nancy is treated as a general partner. She is allocated of EB's profits and of EB's losses. Nancy's basis in the partnership interest after the formation transaction is:
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