In the current year, LaToya formed an equal partnership with Kimberly. LaToya contributed land with an adjusted

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In the current year, LaToya formed an equal partnership with Kimberly. LaToya contributed land with an adjusted basis of $50,000 and a fair market value of $125,000. LaToya also contributed $75,000 cash to the partnership. Kimberly contributed land with an adjusted basis of $125,000 and a fair market value of $130,000. The land contributed by LaToya was encumbered by a $70,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of La Toya's partnership interest is: O $125,000. O $90,000. O $55,000. O $165,000

Posted Date: May 18, 2024 09:13 PM

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In the current year, LaToya formed an equal partnership with Kimberly. LaToya contributed land with an adjusted

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