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Sabrina contributes a building with an adjusted basis of $40,000 to a partnership.The fair market value of the building is $100,000 on the date of the contribution.What is Sabrina's basis in her partnership interest immediately after the contribution?
Liabilities
Financial obligations or debts that a company or individual owes to others, which must be settled over time.
Creditors
Entities or individuals to whom money is owed.
Assets
Resources or items of value that an individual or organization owns or controls with the expectation that it will provide future benefit.
Resources Owned
Assets or possessions that are held by an individual, an organization, or a country.
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