CoursHeroTranscribedText: Partnership Formations Problem Mary and Todd form the MT Partnership, with a transfer of the following properties: Mary $600,000 cash Todd $600,000 FMV property $450,000 tax basis Mary will receive 50% and Todd 50% of the units in the partnership. Complete the following Mary Todd Realized gain Recognized gain Basis of Partnership interest 1 1 MT basis in contributed assetVARIATION 1: Return to original facts [same basis}. Todd's property is valued at $800,000 but is contributed subject to a $200,000 liability. {This means that Todd still contributes equity of $600,000 so it is still a 50,150 split of ownership]. Under the rules of Section 752 each partner will have a 50% share of this debt following the transfer. Complete the following Mam Todd Realized gain Recognized gain Basis of Partnership Interest MT basis in contributed asset VARIATION 2: Same as Variation 1 {same basis] except Todd's property is valued at $1,100,000 and is contributed subject to a liability of $500,000. [Again Todd contributes $600,000 of equityr and the Section 752 shares are 50% each} Complete the following Marl Todd Realized gain Recognized gain Basis of Partnership Interest MT basis in contributed asset