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The partnership has a $40,000 adjusted basis in the property contributed by Rachel. Rachel has an $80,000 tax basis for her partnership interest.
B. The partnership has a $40,000 adjusted basis in the property contributed by Rachel. A. Rachel has an $80,000 tax basis for her partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation? A. Rachel has an $80,000 tax basis for her partnership interest. B. The partnership has a $40,000 adjusted basis in the property contributed by Rachel. C. Rachel recognizes a $15,000 loss on her property transfer. D. Bill has a $60,000 tax basis for his partnership interest. E. None of the statements is true.
