Tyreek contributed land to a new partnership with a fair market value of $300,000 and...
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Tyreek contributed land to a new partnership with a fair market value of $300,000 and a tax basis of $69,000. The equipment was subject to nonrecourse debt of $70,000. In exchange for her contribution, Tyreek received a partnership interest that entitled her to 42% of the capital and future profits of the partnership.
A., what is Tyreeks initial basis in her partnership interest? please show work
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