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Oprah contributes property with a FMV of $48,000 (adjusted basis $36,000) for onethird interest in the partnership. The property is subject to a $24,000 mortgage.

Oprah contributes property with a FMV of $48,000 (adjusted basis $36,000) for onethird interest in the partnership. The property is subject to a $24,000 mortgage. Betty is also a onethird partner after Oprah's contribution. Calculate the increase or decrease to Bettys basis in the partnership, if any, as a result of Oprahs property contribution.

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