Question: J and K form an equal partnership JK . J contributes land with an adjusted basis of 2 5 0 and FMV of 2 0

J and K form an equal partnership JK. J contributes land with an adjusted basis of 250 and FMV of 200. K contributes cash of 200.
Explain the tax and outside basis implications of each of the following: JK sells the land for 190

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