Mark, Nancy, and Carl form a partnership with each partner having an equal share in profits and
Question:
Mark, Nancy, and Carl form a partnership with each partner having an equal share in profits and losses. Mark and Carl each contribute $40,000 in cash to the partnership. Nancy contributes land valued at $100,000.The land has a basis of
$90,000 and is encumbered by a $60,000 mortgage that the partnership assumes.
What basis does Nancy have in her partnership interest immediately after the contribution of land to the partnership?
a. $50,000
b. $90,000
c. $100,000
d. $110,000.
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Related Book For 
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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