Partners W, X, Y, and Z form the Ace partnership, contributing the following:
|
Interest
|
|
Basis
|
FMV
|
Liability
|
|
W
|
40%
|
Prop. 1
|
$40,000
|
$200,000
|
$160,000
|
|
X
|
40%
|
Prop. 2
|
$120,000
|
$60,000
|
$20,000
|
|
Y
|
10%
|
Prop. 3
|
$10,000
|
$70,000
|
$60,000
|
|
Z
|
10%
|
Prop. 4
|
$30,000
|
$20,000
|
$10,000
|
How much is each partner%u2019s basis in their partnership interest?