Question: Two partners each own an equal interest in a general partnership. One partner contributes to the partnership a building that has an adjusted basis of

Two partners each own an equal interest in a general partnership. One partner contributes to the partnership a building that has an adjusted basis of $40,000 and a fair market value of $60,000. The asset is subject to a mortgage of $30,000, which is assumed by the partnership. What is the contributing partner's share of liabilities in the partnership? $40,000 $0 $30,000 $15,000

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