Laura and Marty form a 50/50 partnership (LM Partners) in 2018. Laura contributes land with a fair market value of $800,000 and an adjusted basis of $500,000. The land is subject to a $250,000 mortgage which the partnership assumes. Marty contributes $550,000 of cash.
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Laura and Marty form a 50/50 partnership (LM Partners) in 2018. Laura contributes land with a fair m...
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