On january 1 of the current year, anna and jason form an equal partnership. anna contributes $50,000 cash and a parcel of land (adjusted basis of $100,000; fair market value of $150,000) in exchange for her interest in the partnership. jason contributes property (adjusted basis of $180,000; fair market value of $200,000) in exchange for his partnership interest. which of the following statements is true concerning the income tax results of this partnership formation?
(a) jason recognizes a $20,000 gain on his property transfer.
(b) jason has a $200,000 tax basis for his partnership interest.
(c) anna has a $150,000 tax basis for her partnership interest.
(d) the partnership has a $150,000 adjusted basis in the land contributed by anna.
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On january 1 of the current year, anna and jason form an equal partnership. anna contributes $50,000...
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