QUESTION 33 Michavel transfers a building (590,000 Fair Market value and Adjusted Basis of $40,000) to a Partnership for a twenty-five percent (25%) interest in the Partnership The building had a Recourse Debt on it of $60.000 and the value of the Partnership Interest received by Michael was $30,000. Michavel's Recognized Gain on the contribution of the building to the Partnership is $10.000 $5,000 $-0- $ 3.000