Nicki acquired a 25% interest in the YM Partnership by contributing land having an adjusted...
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Accounting
Nicki acquired a 25% interest in the YM Partnership by contributing land having an adjusted basis of $32,000 and a fair market value of $100,000. The land was subject to a $48,000 mortgage, which was assumed by YM. No other liabilities existed at the time of contribution. What is Nicki's basis in her partnership interest?
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