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Jane contributes land with an FMV of $100,000 and a basis of $40,000 to the Green Partnership in exchange for a 25% partnership interest. The partnership assumes the $80,000 mortgage on the land. Mary has a 25% share of partnership liabilities. The Green Partnership has $8,000 in liabilities immediately before Jane's contribution. What is Jane's basis in her partnership interest?
Long Position
An investment strategy where an investor buys securities with the expectation that they will rise in value over time.
Agricultural Futures
Contracts to buy or sell agricultural commodities at a predetermined price at a specified time in the future, used for hedging or speculating on the price movement of these commodities.
Actively Traded
Describes securities or assets that are frequently bought and sold, indicating high trading volume.
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