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Partner C contributes a building with a basis of 357,503 and a fair market value of 494,646. The building is encumbered with a debt of
Partner C contributes a building with a basis of 357,503 and a fair market value of 494,646. The building is encumbered with a debt of 112,371, which the partnership will assume. Partner C owns a 50% profit, loss, and capital interest. What is Partner C's basis after contribution?
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CCH Federal Taxation Basic Principles 2020
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
2020 Edition
0808051784, 9780808051787
