taxation

Required information The following information applies to the questions displayed below. Cosmo contributed land with a fair market value of $467,500 and a tax basis of $147,000 to the Y Mountain partnership in exchange for a 20 percent profits and capital interest in the partnership. The land is secured by $178,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt (Leave no answer blank. Enter zero if applicable.) a. How much gain will Cosmo recognize from the contribution? Gain recognized 0 Required information The following information applies to the questions displayed below] Cosmo contributed land with a fair market value of $467,500 and a tax basis of $147000 to the Y Mountain partnership in exchange for a 20 percent profits and capital interest in the partnership. The land is secured by $178,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.) b. What is Cosmo's tax basis in his partnership interest? Tax basis