VARIATION 1: Return to original facts (same basis). Todd's property is valued at $800,000 but is contributed subject to a $200,000 liability. (This means that Todd still contributes equity of $600,000 so it is still a 50/50 split of ownership). Under the rules of Section 752 each partner will have a 50%% share of this debt following the transfer. Complete the following Mary Todd Realized gain Recognized gain Basis of Partnership Interest MT basis in contributed asset VARIATION 2: Same as Variation 1 (same basis) except Todd's property is valued at $1, 100,000 and is contributed subject to a liability of $500,000. (Again Todd contributes $600,000 of equity and the Section 752 shares are 50%% each) Complete the following Mary Todd Realized gain Recognized gain Basis of Partnership Interest MT basis in contributed asset