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Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the

Zoey contributed land with a tax basis of $45,000 and a fair market value of $100,000 in exchange for a 20% percent interest in the newly formed ZAT Partnership. All other partners contributed cash and ZAT partnership has no liabilities. How much income must Zoey recognize as a result of the transaction?  


Saved Assuming the same facts in question the question above, what is Zoey's basis in her partnership interest in ZAT Partnership?

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