Question: Ella exchanges land ( basis $ 3 0 , 0 0 0 , value $ 4 5 , 0 0 0 ) for a 2

Ella exchanges land (basis $30,000, value $45,000) for a 20% partnership interest. The land was subject to a debt of $20,000.(a) How much gain or loss does she recognize? (b) What's her basis in her interest (outside basis)?(c) What's the partnership's basis in the land?
 Ella exchanges land (basis $30,000, value $45,000) for a 20% partnership

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