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Molly Transfers Land with an Adjusted Basis of $28,000 and a Fair

Question 16

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Molly transfers land with an adjusted basis of $28,000 and a fair market value of $65,000 to the Sand Partnership for a 30% ownership interest. The land is encumbered by a mortgage of $18,000, which the partnership assumes. Her basis for her ownership interest is $10,000 $28,000 - $18,000).

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