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Three individuals form a partnership sharing in profits and

Question - Three individuals form a partnership sharing in profits and losses equally. Andy contributes $10,000 cash. Barney contributes $5,000 cash and land worth $5,000 in which he has a basis of $4,000. Cathy contributes machinery with a FMV of $16,000 subject to a mortgage of $6,000, which the partnership assumes. Her basis in the machinery is $16,000.

What is each partner's adjusted basis in the partnership?

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Accounting Basics: Three individuals form a partnership sharing in profits and

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