Question: Michael and Peter form the MP general partnership. Michael contributes land with a FMV of $100,000 and a building with a FMV of $300,000. Michael's

Michael and Peter form the MP general partnership. Michael contributes land

Michael and Peter form the MP general partnership. Michael contributes land with a FMV of $100,000 and a building with a FMV of $300,000. Michael's bases in the land and building are $50,000 and $300,000, respectively. Peter contributes $100,000 cash. Complete MP's balance sheet and determine outside and inside basis for the partners and partnership

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