21. Jim and Angie form the JAZ Partnership with Zoe by contributing $75,000 each to partnership equity.
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21. Jim and Angie form the JAZ Partnership with Zoe by contributing $75,000 each to partnership equity. Zoe, the third partner, contributes property with a basis of $50,000 and fair market value of $75,000. The three are equal partners in the partnership.
a. Determine the tax consequences to Zoe for the contribution of property to the partnership.
b. What are the partnership’s tax consequences?
c. What is each partner’s basis in the partnership interest?
d. What is the partnership’s basis in the property?
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