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Compute jerry basis in his partnership interest

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Question - Tom and Jerry decide to start a Limited Partnership with Tom being the general partner and Jerry being the limited partner. Tom contributes cash of $20,000 to the partnership and Jerry contributes land with a basis of $20,000, fair market value of$40,000. The land is encumbered by a recourse mortgage of $20,000. Jerry's basis in his partnership interest is:

a. $30,000

b. $10,000

c. $40,000

d. $0

Reference no: EM132087676

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