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Terry Transfers Land (Adjusted Basis of $80,000,fair Market Value of $120,000)to

Question 76

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Terry transfers land (adjusted basis of $80,000,fair market value of $120,000)to the Olive Partnership for a 49% ownership interest.His basis for the ownership interest is $120,000 and Olive's basis for the land is $120,000 because Terry does not control the partnership .

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