Whitney obtained a one-third interest in Schoolkids Partnership on December 1 of the current year...
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Accounting
Whitney obtained a onethird interest in Schoolkids Partnership on December of the current year by contributing property with an adjusted basis of $ and a FMV at the date of contribution of $ The property was subject to a mortgage of $ The partnership assumed the mortgage and had no other liabilities. What is Whitney's basis in her interest in Schoolkids? A $ B $ C $ D $ 
Whitney obtained a onethird interest in Schoolkids Partnership on December of the current year by contributing property with an adjusted basis of $ and a FMV at the date of contribution of $ The property was subject to a mortgage of $ The partnership assumed the mortgage and had no other liabilities. What is Whitney's basis in her interest in Schoolkids?
A $
B $
C $
D $
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