Two people want to form an equal partnership. Mary will contribute $10,000 cash. Nora will contribute Blackacre, with a basis of $7,000, fair market value of $10,000, and subject to a 51,000 liability, Since both are contributing items with a total value of 3510.000. how would you explain to them that they would not be equal partners?

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Marys Contribution Mary is contributing 10000 in cash Noras Contribution Nora is contr... View the full answer