Question: Connie received a one - third capital and profit ( loss ) interest in CLI Limited Partnership ( LP ) . In exchange for this

Connie received a one-third capital and profit (loss) interest in CLI Limited Partnership (LP). In exchange for this interest, Connie contributed a building with an FMV of $30,000. Her adjusted basis in the building was $16,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that CLI LP assumed at the time the property was contributed. What is Connie's outside basis immediately after his contribution?

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