Cary and Bill form the equal CB Partnership.   Cary contributes cash of $50,000 and Bill contributes land with a fair market value of $50,000 and adjusted basis of $35,000.    How much gain or loss does Bill recognize on this formation and what is her basis in her partnership interest?

Answer rating: 100% (QA)

In this scenario Bill does not recognize any gain or loss on the form... View the full answer