Sophia contributes land to the Tan Partnership for a 30% 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 Sophia's basis in the Tan Partnership?

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The Answer of Sophia contributes land to the Tan Partnership for a 30% 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 Sophia's basis in the Tan Partnership?

Sophia Contributes Land to the Tan Partnership for a 30