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02-11-2022
Business

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Ab corporation and yz corporation formed a partnership to construct a shopping mall. ab contributed $500,000 cash, and yz contributed land ($500,000 fmv and $430,000 basis) in exchange for a 50 percent interest in abyz partnership. immediately after its formation, abyz borrowed $250,000 from a local bank. the debt is recourse (unsecured by any specific partnership asset).

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