Question: Ryan and Lisa form an equal partnership, R&L LLC . Ryan contributes $ 5 0 , 0 0 0 in cash, while Lisa contributes land

Ryan and Lisa form an equal partnership, R&L LLC. Ryan contributes $50,000 in cash, while Lisa contributes land with a fair market value of $50,000 and an adjusted basis of $30,000. The partnership assumes a $20,000 mortgage attached to the land. What are Lisas and Ryans initial bases in their partnership interests?

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