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What is mia basis in her partnership interest

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Reference no: EM132673400

Problem - Christian and Mia form the CM Partnership, each receiving a 50% capital interest. Christian contributed property worth $200,000 (adjusted basis of $230,000), while Mia contributed property worth $210,000 (subject to a mortgage of $20,000 that is assumed by CM) with an adjusted basis of $150,000.

Required -

a. How much gain (or loss) do the parties recognize?

b. What is Mia's basis in her partnership interest?

Reference no: EM132673400

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