Jane Contributes Land with an FMV of $100,000 and a Basis

question 112

Essay

Jane contributes land with an FMV of $100,000 and a basis of $80,000 to the Green Partnership in exchange for a 25% partnership interest. The partnership assumes the $40,000 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?

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Definitions:

Epinephrine Levels

The concentration of epinephrine, a hormone also known as adrenaline, in the bloodstream; involved in the body’s fight-or-flight response.

NK Cell Count

A measure of the number of Natural Killer (NK) cells in the body, important for assessing the immune system's ability to fight infections and cancer.

Carcinogens

Substances that promote the formation of cancer in living tissue.

Lupus

A chronic autoimmune disease where the body's immune system becomes hyperactive and attacks normal, healthy tissue, leading to inflammation, pain, and damage in various parts of the body.