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Question(s) / Instruction(s):

A partnership is formed by B contributing $500,000 cash and C contributing land worth $500,000 and an adjusted basis of $100,000 Choose one answer. a)C's adjusted basis his partnership interest is $100,000 b)the partnership's adjusted basis in the land is $100,000 c)if the land is later sold for more than $500,000, the first $400,000 gain is allocable to C d)All of the above e)None of the above

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