T contributed property to the partnership in exchange for a, Macroeconomics

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T contributed property to the partnership in exchange for a

T contributed property to the partnership in exchange for a 25% interest in capital and profits. T’s basis in the property was $100,000 and its fair market value was $500,000. The partnership immediately borrowed $400,000, using the property T contributed as security for a non-recourse mortgage. The partnership immediately distributed $125,000 of the loan proceeds to T. What are the possible tax consequences of these transations?

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