Abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to

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Abigail contributes land with an adjusted basis of $50,000 and a fair market value of $60,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Blair’s basis in the land?
a. $25,000
b. $30,000
c. $50,000
d. $58,000
e. $60,000

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Related Book For  answer-question

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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