Question: Question 8 (6 points) In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and

Question 8 (6 points) In the current year, Derek formed an

Question 8 (6 points) In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume that the partners share debt equally. Immediately after the formation, what is the basis of Cody's partnership interest

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