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On January 1, 2024, Justin contributed the following assets to the JJ Ltd. general partnership in exchange for a 50% interest Adjusted FMV Tax Basis

On January 1, 2024, Justin contributed the following assets to the JJ Ltd. general partnership in exchange for a 50% interest Adjusted FMV Tax Basis Inventory 600,000 645,000 Land J1 900,000 425,000 Nonrecoure Debt Land J1 400,000 On January 1, 2024, Janice contributed the following assets to the JJ Ltd. general partnership in exchange for a 50% interest

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