Problem $20-41($LO $20-2)($Static$)$

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Cosmo contributed land with a fair market value of $$400,000$ and a tax basis of $$90,000$ to the Y Mountain Partnership in exchange for a $25$ percent profits and capital interest in the partnership. The land is secured by a $$120,000$ nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any liability.

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Problem $20-41$ Part b $($Static$)$

b$.$ What is Cosmo's tax basis in his partnership interest?