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What is Blair basis in the land

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Problem - Abigail contributes land with an adjusted basis of $56,000 and a fair market value of $58,000 to Blair and Partners, a partnership. Abigail receives a 50 percent interest in Blair. What is Blair's basis in the land?

a. $0

b. $28,000

c. $29,000

d. $56,000

e. $58,000

Reference no: EM132677047

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