Ken joins FRF Partnership as one of five equal general partners. He makes a cash contribution of
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Ken joins FRF Partnership as one of five equal general partners. He makes a cash contribution of $10,000, contributes property with a fair market value (FMV) of $45,000, and a $20,000 mortgage to be assumed by the partnership. When he joins, Ken's adjusted basis in this property is $35,000. What is the amount of Ken's basis in FRF Partnership?
a) $51,000 b) $25,000 c) $39,000 d) $29,000
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