Cosmo contributed land with a fair market value of $450,000 and a tax basis of...
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Cosmo contributed land with a fair market value of $450,000 and a tax basis of $135,000 to the Y Mountain Partnership in exchange for a 30 percent profits and capital interest in the parthership. The tand is secured by a $176,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain Partnership does not have any liability. Note: Leave no answer blank. Enter zero if opplicable. b. What is Cosmo's tax basis in his partnership interest
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