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Partner basis in the partnership after the contribution

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Reference no: EM131779667

An individual received a 70% capital interest in a general partnership by contributing the following:

  • Investment land purchased 10 years ago for $40,000 and valued at $60,000
  • A personal (nonbusiness) truck purchased nine months ago for $12,000 and valued at $10,000

The partnership obtains a $50,000 nonrecourse mortgage loan on the land. How much is this general partner's basis in the partnership after the contribution and loan?

A. $85,000

B. $87,000

C. $100,000

D. $102,000

Reference no: EM131779667

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