James and Sharon Form an Equal Partnership in the Current

question 147

Essay

James and Sharon form an equal partnership in the current year.No special allocation is provided for in the partnership agreement.During the year James contributes land having a $80,000 basis and a $100,000 FMV in exchange for the initial partnership interest.In addition,the partnership earns $100,000 of ordinary income while partnership liabilities increase from zero to $60,000 by the end of the tax year.Also,the partnership earns $10,000 of tax-exempt interest during the year and makes charitable contributions of $6,000.James withdraws $30,000 from the partnership.
What is James's basis at the end of the current year?

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Definitions:

Avoidant Attachment

A pattern of attachment characterized by a desire to maintain independence and emotional distance from others, often formed as an adaptive response to experiences with caregivers.

Ambivalent/Resistant Attachment

A type of insecure attachment where children are clingy and stay close to their caregiver but are not easily comforted and often display a mix of resistant and angry behavior.

Contradictory Behavior

Actions or responses that are inconsistent with previous behaviors, statements, or beliefs, often causing confusion.

Avoidant Attachment

A type of insecure attachment style characterized by a desire to maintain independence and emotional distance from others.