Evaluate emma''s basis in her partnership interest

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Reference no: EM1378135

Laine and Emma form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a just market value of $100,000.

a. how much gain, if any, must Emma identify on the transfer? Must Laine recognize any gain?

b. Evaluate Emma's basis in her partnership interest?

c. Determine Laine's basis in her partnership interest?

d.What basis does the partnership take in the property transferred by Laine?

Reference no: EM1378135

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