Rex contributed land to the partnership of Rex, Tex, and Lex Partnership in exchange for...
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Rex contributed land to the partnership of Rex, Tex, and Lex Partnership in exchange for a one-third interest in the Partnership. Rexs adjusted basis in the land was $50,000 and its fair market value was $75,000. Rexs Partnership capital account was credited with $75,000. Tex and Lex had each contributed $75,000 cash. Thus, each partners capital account was $75,000. What is Rexs adjusted basis (outside basis) in his partnership interest?
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