A partnership is formed by B contributing $500,000 cash and C contributing land worth $500,000 and an adjusted basis of $100,000
Choose one answer.
a) C's adjusted basis his partnership interest is $100,000
b) the partnership's adjusted basis in the land is $100,000
c) if the land is later sold for more than $500,000, the first $400,000 gain is allocable to C
d) All of the above
e) None of the above