Question: Maria exchanges land ( basis $ 4 0 , 0 0 0 , value $ 5 6 , 0 0 0 ) for a 2

Maria exchanges land (basis $40,000, value $56,000) for a 20% partnership interest and she also gets $3,000 in cash. (a) How much gain or loss does she recognize? (b) What's her basis in her interest (outside basis)?(c) What's the partnership's basis in the land (inside basis)?
 Maria exchanges land (basis $40,000, value $56,000) for a 20% partnership

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