13. Milo contributes a building with a fair market value of $400,000 to a new...
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13. Milo contributes a building with a fair market value of $400,000 to a new partnership in exchange for a 25% interest. His adjusted basis in the building is $125,000, which is subject to a $100,000 mortgage. The partnership assumes the mortgage. What is Milo's basis in his partnership interest? a. $50,000 b. $75,000 c. $100,000 d. $125,000 e. $400,000
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