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Sneider acquired a 25 percent interest in Vucinic Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000.

Sneider acquired a 25 percent interest in Vucinic Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Vucinic. No other liabilities existed at the time of the contribution. What was Sneider's basis in Vucinic Partnership? A. $0 B. $26,000 C. $32,000 D. $16,000

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