Problem: Three individuals form the ABC partnership and each contributes the following to form the partnership:
Cash: $35,000.00.
Future services to be rendered to the partnership worth: $350,000.
Real property with a basis of $300,000.00 and a fair market value of $350,000.00.
Required:
Q1. What is each partner's original basis in the partnership interest?
Q2. What is the partnership's basis in each partner's contribution?
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