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Lando and L3-37 form an equal partnership during the current year.
Lando and L3-37 form an equal partnership during the current year. Lando contributes cash of $110,000 and $50,000 worth of services, and L3-37 contributes property (adjusted basis of $90,000, fair market value of $260,000) subject to a nonrecourse liability of $100,000. What is the outside basis for each of the partners and what is the partnership's inside basis.