On December 31, 20X7, Kate Winters, LaTonya Dunn, and Alex Evans formed the NIL Limited Partnership The partners have equal ownership in the partnership with Alex as the sole general partner Kate contributed $150,000 cash to the partnership in exchange for her partnership interest. 2 LaTonya contributed the following marketable securities to the partnership in exchange for her partnership interest. She took a chance on an up and coming company six years ago called Oscar Inc. and purchased 150 shares. She was so successful; four years ago, she purchased 500 shares of Papa Corporation. Through the years, she accumulated additional stock and purchased Quebec Inc. and Romeo Corporation. Number of shares Adjusted Basis Fair Market Value Date of Acquisition Oscar Inc. 150 shares $3,000 $54,000 1/15/20X1 Papa Corporation 500 shares $15,000 $36,000 6/15/20X3 Quebec Inc. 75 shares $12,000 $27,000 9/2/20X6 Romeo Corporation 150 shares $18,000 $33,000 3/7/20X7