Gerald received a one-third capital and profit (loss) interest in xyz limited partnership (lp). in exchange for this interest, gerald contributed a building with a fmv of $30,000. his adjusted basis in the building was $15,000. in addition, the building was encumbered with a $9,000 nonrecourse mortgage that xyz, lp assumed at the time the property was contributed. what is gerald's outside basis immediately after his contribution?
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Gerald received a one-third capital and profit (loss) interest in xyz limited partnership (lp). in e...
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