QUESTION 2 Freda formed an equal profit and loss Partnership with Marie by contributing Land that had an Adjusted Basis of $35.000 and a Fair Market Value of 50 000 Freda also $25,000 in Cash to the Partnership. Marie contributed Land that had an Adjusted Basis of $16,000 and a Fair Market Value of $65.000 The Land contributed by Freda had of 527.000 and the Land contributed by Marie had a debt against it of $17.000. Assuming no other transactions, the basis of Marle's Partnership Interest immediately the formation was $21,000 $16.000 $29,500 $13,500 QUESTION 2 Freda formed an equal profit and loss Partnership with Marie by contributing Land that had an Adjusted Basis of $35.000 and a Fair Market Value of 50 000 Freda also $25,000 in Cash to the Partnership. Marie contributed Land that had an Adjusted Basis of $16,000 and a Fair Market Value of $65.000 The Land contributed by Freda had of 527.000 and the Land contributed by Marie had a debt against it of $17.000. Assuming no other transactions, the basis of Marle's Partnership Interest immediately the formation was $21,000 $16.000 $29,500 $13,500