QUESTION 39 On January 1, 2020, Mercedes and Charlotte form an equal Partnership with a Cash contribution of $50,000 from Mercedes and a property contribution (Adjusted Basis of $75,000 and Fair Market Value of $50,000) from Charlotte Charlotte acquired the property two (2) years ago Which of the following statements is correct concerning the formation of the Partnership? Charlotte has a $50,000 basis in her Partnership Interest The Partnership takes a basis of $50,000 in the property contributed by Charlotte Charlotte has a Recognized Loss of $25,000 Mercedes has a $50,000 basis in her Partnership Interest