Question: PROBLEM C 7.S POINTS THE XYZ EQUAL PARTNERSHIP WAS ORIGINAUY FUNOED WITH CASH CONTRIBUTIONS FIOM A, Y AND Z IT HOLDS DEET FNAUCCTO LONG TERM

PROBLEM C 7.S POINTS THE XYZ EQUAL PARTNERSHIP WAS ORIGINAUY FUNOED WITH CASH CONTRIBUTIONS FIOM A, Y AND Z IT HOLDS DEET FNAUCCTO LONG TERM INVESTMENT IN REAL ESTATE. THE PARTNERS EACH HAVE $400.00 EASIS IN THEIR PARTNERSHIP INTEAEST. IIS ADMITTED TO THE PARTNERSHIP AS A ONE FOURTH EQUAL PARTNER IN EXCHANGE FOR A CONTRIBUTION OF REAL ESTATE, PARCEL 3 WITH A FAIR VALUE OF $1500, A BASIS OF $300 AND IS ENCUMBEREO BY A RECOURSE DEBT OF S1200 FOR WHICH THE PARTNERSHIP ASSUMES THE RESPONSIBILTY. WHAT IS THE TAX EFFECT OF THE ADMISSION OF 1 TO THE PARTNERSHIP AT THE PARTNERSHIP LEVEL AND THE TAX EFFECT TO NEW PARTNER

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