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What is mark basis in the partnership after the contribution

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Reference no: EM132797053

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

Item            Transferred Mark's Basis              FMV

Land                $60,000                           $100,000

Debt (on land)     N/A                              ($50,000)

Inventory           $10,000                             $8,000

Services               N/A                              $2,500

Problem 1: What is Mark's basis in the partnership after the contribution?

Reference no: EM132797053

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