What is tiffanys basis in his partnership interest

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Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000. Tiffany contributes property with an adjusted basis of $200.000 and a fair market value of $300,000.

a. How much gain, if any, must Justin recognize on the transfer? Must Tiffany recognize any gain?
b. What is Justin's basis in his partnership interest?
c. What is Tiffany's basis in his partnership interest?
d. What basis does the partnership take in the property transferred by Tiffany?

Reference no: EM13340805

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