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Question - Chip contributes land to the newly formed CD Partnership in exchange for a 30% interest. The land has an adjusted basis and fair market value of $300,000 and is subject to a liability of $100,000, which the partnership assumes. None of this liability is repaid at year-end. During the year the partnership borrows an additional $20,000. Assume all liabilities are allocated proportionately to the partners. Total partnership income for the year is $400,000. What is Chip's basis in his partnership interest at the end of the year?
a. What is Chip's basis in the partnership immediately after the partnership formation?
b. What is Chip's basis in the partnership at the end of the year?
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