Jane contributed a building with an adjusted basis to Jane of $50,000 and a fair...
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Jane contributed a building with an adjusted basis to Jane of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the LJJL Partnership (LJJL). LJJL will assume the mortgage on the building. What is LJJL's basis in the building?
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