Isabella contributes land to the White Partnership for a 20% interest in capital and profits. The land (adjusted basis of $900,000 and fair market value of $1.4 million) is subject to a mortgage of $600,000 which the partnership assumes. What is Isabella's basis in the White Partnership?

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The Answer of Isabella contributes land to the White Partnership for a 20% interest in capital and profits. The land (adjusted basis of $900,000 and fair market value of $1.4 million) is subject to a mortgage of $600,000 which the partnership assumes. What is Isabella's basis in the White Partnership?

Isabella Contributes Land to the White Partnership for a 20