Question: Partner A contributed land (basis $40,000, fmv $50,000) for interest in partnership; B contributed services (fmv $50,000). What is each partners basis in partnership and

Partner A contributed land (basis $40,000, fmv $50,000) for interest in partnership; B contributed services (fmv $50,000). What is each partners basis in partnership and partnerships basis in land? Explain. How would this change if the partnership borrowed $40,000?

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