Martha Transferred Property with a FMV of $60,000 (Adjusted Basis

question 1421

Multiple Choice

Martha transferred property with a FMV of $60,000 (adjusted basis $30,000) , which is subject to a $40,000 mortgage in exchange for a one- third interest in a partnership. The partnership has no other liabilities. The partners of MNO own the partnership equally. The partnership's basis in the property contributed is

• A) $40,000.
• B) $30,000.
• C) $0.
• D) $60,000.

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