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

J and K form an equal partnership JK. J contributes land with an adjusted basis of 50 and FMV of 200. K contributes cash of 200.(assume the use of the traditional method)
Explain the tax implications and outside basis implications of each of the following:
JK sells the land for 40

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