Business, 03.07.2021 21:00, Undrea43

In return for a 20% partnership interest Kathy contributed land having a $60,000 fair market value and a $30,000 basis to the partnership. The partnership assumes Kathy's $15,000 liability arising from her purchase of the land. The partnership's liabilities arising from its purchases of assets is $4,000 immediately prior to the contribution. Liabilities are shared among partners in proportion to their partnership interest. What is Kathy's basis in her partnership interest

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In return for a 20% partnership interest Kathy contributed land having a $60,000 fair market value a...