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What is cosmo tax basis in his partnership interest

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Question - Cosmo contributed land with a fair market value of $400,000 and a tax basis of $90,000 to the Y Mountain partnership in exchange for a 25 percent profits and capital interest in the partnership. The land is secured by $120,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt.

How much gain will Cosmo recognize from the contribution?

What is Cosmo's tax basis in his partnership interest?

Reference no: EM133063237

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