Question: Forming and Operating Partnerships . Cosmo contributed land with a fair market value of $417,500 and a tax basis of $96,000 to the Y Mountain

Forming and Operating Partnerships . Cosmo contributed land with a fair market value of $417,500 and a tax basis of $96,000 to the Y Mountain partnership in exchange for a 20 percent profits and capital interest in the partnership. The land is secured by $137,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt.

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