Multiple Choice
George transferred land having a $170,000 FMV and a $60,000 adjusted basis,which is subject to a $150,000 mortgage in exchange for a one-third interest in the GEF Partnership.The partnership owes no other liabilities.George,Elena,and Franz share profits and losses equally and each has a one-third interest in partnership capital.The basis to the partnership of the land transferred by George is
A) $20,000.
B) $60,000.
C) $110,000.
D) $170,000.
Correct Answer:
Verified
Correct Answer:
Verified
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