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John contributes land having $110,000 FMV and a $90,000 adjusted basis which is subject to a $60,000 ...

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John contributes land having $110,000 FMV and a $90,000 adjusted basis which is subject to a $60,000 ...

John contributes land having $110,000 FMV and a $90,000 adjusted basis which is subject to a $60,000 mortgage in exchange for a one-third interest in the AJK Partnership. The partnership owes no other liabilities. After the contribution, Abby, John, and Kent share profits and losses equally and each has a one-third interest in the partnership capital. John's basis in the partnership interest is
A) $50,000.
B) $90,000.
C) $110,000.
D) $150,000.

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

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