Nhia and Maya are each 50% owners (capital & profit/loss interest) of NM Partnership. Nhia...
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Accounting
Nhia and Maya are each owners capital & profitloss interest of NM Partnership. Nhia contributed land FMV $;$ to the partnership in exchange for her interest, and Maya contributed $ cash in exchange for her partnership interest.
Assume that shortly after Nhia contributed the land, NM made a distribution of
$ to Nhia.
What is NM Partnership's basis in the land after the distribution?
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