If Jake contributes land to a partnership with a basis of $12,000 and a FMV of $18,000,the partnership will have a basis in the asset of $12,000.

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When a partner contributes property to a partnership, the partnership's basis in that property is generally the same as the partner's basis. Therefore, if Jake contributes land to the partnership with a basis of $12,000 and a FMV of $18,000, the partnership's basis in the land will also be $12,000.

If Jake Contributes Land to a Partnership with a Basis