Partnership Formations Probleml Mary and Todd form the MT Corporation, with a transferof the following properties: Mary $500,000 cash Todd s500,000 FMV property S300,000 tax basis Both Mary and Todd receive a 50% interest in the partnership. Complete the following VARIATION 3: return to original facts (no Karla). Todd's property is valued at $1,500,000 but is contributed subjectto a $1,000,000 liability. Under partnership debt sharing rules, both Mary and Todd will have a 50% share of the liability. buany and Todd Complete the following Mary Todd Realized gain Recognized gairn Basis of stock MT basis in contributed asset