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In the Current Year,Greg Formed an Equal Partnership with Melvin

question 63

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In the current year,Greg formed an equal partnership with Melvin.Greg contributed land with an adjusted basis of $90,000 and a fair market value of $150,000.Greg also contributed $75,000 cash to the partnership.Melvin contributed land with an adjusted basis of $100,000 and a fair market value of $200,000.The land contributed by Greg was encumbered by a $50,000 nonrecourse debt.The land contributed by Melvin was encumbered by $25,000 of nonrecourse debt.Assume the partners share debt equally.Immediately after the formation,the basis of Melvin's partnership interest is:

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Definitions:

Freedom Ride

was a series of bus trips through the American South in 1961 to protest segregated bus terminals and challenge the non-enforcement of United States Supreme Court decisions which ruled segregated public buses unconstitutional.

Interstate Bus Travel

The system and services of buses that travel between states, offering long-distance transportation options across the country.

Civil Rights Act

Landmark legislation passed in the United States (1964) aimed at ending discrimination based on race, color, religion, sex, or national origin.

Segregation

The enforced separation of different racial or socio-economic groups, within the same community or society, often highlighted by segregated living spaces, schooling, and public facilities.

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