Question: Mac and Cheryl form the equal MC partnership as part of a tax-deferred partnership formation. Mac contributes cash of $45,000 and Cheryl contributes land with

Mac and Cheryl form the equal MC partnership as part of a tax-deferred partnership formation. Mac contributes cash of $45,000 and Cheryl contributes land with a fair market value of $45,000 and an adjusted basis of $33,000. What is Betty's basis in her partnership interest?

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