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What is the outside basis for each of the partners

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Question - Paul and Will form an equal partnership during the current year. Paul contributes cash of $110,000 and $50,000 worth of services, and L3-37 contributes property (adjusted basis of $90,000, fair market value of $260,000) subject to a nonrecourse liability of $100,000. What is the outside basis for each of the partners and what is the partnership's inside basis.

Reference no: EM131961727

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