Question: Sam and Barbara form an equal partnership. Sam makes a cash contribution of $60,000 and a contribution of property with an adjusted basis to him

Sam and Barbara form an equal partnership. Sam makes a cash contribution of $60,000 and a contribution of property with an adjusted basis to him of $120,000 and a fair market value of $130,000 in exchange for his interest in the partnership. Barbara contributes property with an adjusted basis to her of $11,000 and a fair market value of $250,000 in exchange for her partnership interest. What is Sam and Barbaras basis in the new partnership?

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