Alanna Contributes Property with an Adjusted Basis of $80,000 and a Fair

Short Answer

Alanna contributes property with an adjusted basis of $80,000 and a fair market value of $100,000 to a newly formed business entity. If the entity is a partnership and the transaction qualifies under § 721, the partnership's basis for the property and the partner's basis for the partnership interest are:
E) None of the above.