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Hal Transferred Land Having a $160,000 FMV and a $75,000

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Hal transferred land having a $160,000 FMV and a $75,000 adjusted basis which is subject to a $150,000 mortgage in exchange for a one-third interest in the HEF Partnership.Hal acquired the land ten years ago.The partnership owes no other liabilities.Hal,Ellen,and Felix share profits and losses equally and each has an one-third interest in partnership capital.Hal's basis in the one-third partnership interest is

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