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Problem 2 0 - 4 1 ( LO 2 0 - 2 ) ( Static ) Skip to question [ The following information applies to
Problem LO Static
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Cosmo contributed land with a fair market value of $ and a tax basis of $ to the Y Mountain Partnership in exchange for a percent profits and capital interest in the partnership. The land is secured by a $ nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any liability.
Note: Leave no answer blank. Enter zero if applicable.
Problem Part b Static
b What is Cosmo's tax basis in his partnership interest?
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