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Remi contributes the following to the Totteringham Partnership in exchange for a 50% general partnership interest in the partnership: Contribution Fair Market Value Cash $20,000

Remi contributes the following to the Totteringham Partnership in exchange for a 50% general partnership interest in the partnership: Contribution Fair Market Value Cash $20,000 $35,000 Land (Remi's basis is $30,000) Services $10,000 19. How much ordinary income does Remi receive? 20. What is Remi's basis in the partnership

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