Andrew contributes property with a fair market value of $6,000,000 and an adjusted basis of $2,000,000 to AP Partnership. Andrew shares in $3,000,000 of partnership debt under the liability sharing rules, giving him an initial adjusted basis for his partnership interest of $5,000,000. One month after the contribution, Andrew receives a cash distribution from the partnership of $3,000,000. Andrew would not have contributed the property if the partnership had not contractually obligated itself to make the distribution. Assume Andrew's share of partnership liabilities will not change as a result of this distribution.
Definitions:
Marrying Later
The trend of individuals choosing to enter into marriage at older ages compared to historical norms.
Egalitarian Marriage
A type of marriage based on the principle of equality between partners, with shared decision-making and responsibilities.
Egalitarian Marriage
A marriage based on the principle of equal rights, responsibilities, and opportunities for spouses.
Traditional Marriage
A legally recognized union between two individuals in a personal relationship, historically based on societal norms and customs.
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