What was currys initial basis in the partnership interest

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Reference no: EM131967354

Problem

Jones and Curry formed Major Partnership as equal partners by contributing the assets below: Asset Adjusted basis Fair market value Jones Cash $20,000 Curry Land $28,000 $31,000 The land was held by Curry as a capital asset, subject to a $14,500 mortgage, that was assumed by Major. What was Curry's initial basis in the partnership interest?

Reference no: EM131967354

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