Stephen and Baily form an equal partnership. Stephen makes a cash contribution of $60,000 and a property

Question:

Stephen and Baily form an equal Stephen makes a cash contribution of $60,000 and a property contribution (adjusted basis of $120,000; fair market value of $130,000) in exchange for her interest in the Baily contributes property (adjusted basis of $11,000; fair market value of $250,000) in exchange for his interest. What is Stephen and Bailey's basis in the new Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...