Partners W, X, Y, and Z form the Ace partnership, contributing the following:
|
Interest |
Basis |
FMV |
Liability |
||
|
W |
40% |
Prop. 1 |
$40,000 |
$200,000 |
$160,000 |
|
X |
40% |
Prop. 2 |
$120,000 |
$60,000 |
$20,000 |
|
Y |
10% |
Prop. 3 |
$10,000 |
$70,000 |
$60,000 |
|
Z |
10% |
Prop. 4 |
$30,000 |
$20,000 |
$10,000 |
How much is each partner%u2019s basis in their partnership interest?