Question: Kevin, Chuck, and Greg contributed assets to form the equal KCG Partnership. Kevin contributed cash of $50,000 and land with a basis of $80,000 (fair

Kevin, Chuck, and Greg contributed assets to form the equal KCG Partnership. Kevin contributed cash of $50,000 and land with a basis of $80,000 (fair market value of $50,000). Chuck contributed cash of $30,000 and land with a basis of $40,000 (fair market value of $70,000). Greg contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Which of the following tax treatments is not correct? Answer a. Kevins basis in his partnership interest is $130,000. b. Chucks basis in his partnership interest is $100,000. c. Gregs basis in his partnership interest is $60,000. d. KCG has a basis of $80,000, $40,000, and $0 in the land and property (excluding cash) contributed by Kevin, Chuck, and Greg, respectively. e. All of these statement are correct

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