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John and Yi formed the X partnership on June 16, 20X6. They agreed.to split profits...

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Accounting

John and Yi formed the X partnership on June 16, 20X6. They agreed.to split profits and losses equally. John contributed $20,000 cash and Yi contributed a machine with a base of 5000 (FMV50000) subject to a mortgage of $30,000 on June 17, 20X6. Yis holding period began on May 2, 20X4.13. The X partnership's tax basis for the property contributed by Yi is:

14. When does X partnerships holding period begin for the property contributed by Yi

15. John's recognized gain is:

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