Partnership Basis

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  • Florida_EA
    Senior Member
    • Aug 2017
    • 153
    #1

    Partnership Basis

    Partner 1 and Partner 2 form Partnership ABC. Partner 1 and Partner 2 contribute property and they have basis of $6.8M and 200K respectively. The property has an encumbrance for 5M which is recourse to partner 2. What is the basis of the property to the partnership after the property is contributed to the partnership?
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