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Hunter Contributes Property Having a $75,000 FMV and a $65,000

Question 32

Multiple Choice

Hunter contributes property having a $75,000 FMV and a $65,000 adjusted basis which is subject to a $36,000 mortgage in exchange for a one-fourth interest in the ABC Partnership.The partnership owes no other debts,but does assume this mortgage.Profits and losses are shared equally and each partner has a one-fourth interest in partnership capital.Hunter's basis in the partnership is


A) $38,000.
B) $48,000.
C) $74,000.
D) $84,000.

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