Business, 22.04.2021 18:10, alexiahall2616

Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $37,000. His adjusted basis in the building was $18,500. In addition, the building was encumbered with a $9,750 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution? a) $8,750
b) $12,000
c) $27,250
d) $28,250

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Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In e...