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Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In...

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Accounting

Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $26,000. His adjusted basis in the building was $13,000. In addition, the building was encumbered with a $7,800 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution?

  • $5,200.

  • $7,800.

  • $18,200.

  • $20,800.

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