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Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a

Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a recourse liability of $10,000. What is Tom's basis in the partnership?

$48,000

$50,500

$55,500

$68,000

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