Question: Bob received a one - third capital and profit ( loss ) interest in UMPI, LP . In exchange for this interest, Bob contributed a

Bob received a one-third capital and profit (loss) interest in UMPI, LP. In exchange for this interest, Bob contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that UMPI, LP assumed at the time the property was contributed. What is Bob's outside basis immediately after his contribution?
$30,000
$24,000
$9,000
$33,000
Bob received a one - third capital and profit (

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