See Special Enrollment Exam Quiz
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SEE PART 2: BUSINESSES
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A and B form an equal general partnership. A contributes land with an adjusted basis of $30,000 and a fair market value of $100,000, subject to a $70,000 recourse liability that the partnership assumes. B contributes $30,000 cash for a 50% interest. The partnership has no other liabilities.
Immediately after the contribution, what amount of gain, if any, does A recognize, and what is A's outside basis in the partnership interest?
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