Cosmo contributed land with a fair market value of $487,500 and a tax basis of...
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Accounting
Cosmo contributed land with a fair market value of $487,500 and a tax basis of $164,200 to the Y Mountain partnership in exchange for a 35 percent profits and capital interest in the partnership. The land is secured by $204,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt.
| What is Cosmos tax basis in his partnership interest? |
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