F, G, and H are three partners that form Y partnership. They…
F, G, and H are three partners that form Y partnership. They each contribute the following property in exchange for equal interests in the partnerships capital, profits, and losses (see table below for items contributed). The partnership assumes all liabilities encumbering the contributed assets. Assume that the partners are responsible for an equal share of the partnerships liabilities. What is F’s outside basis in her partnership interest upon formation of Y Partnership considering all items below? F contributes a building, a § 1231 asset, with a value of $1,352 in which F has an adjusted basis of $676. The building was purchased several years ago by F and is subject to a recourse mortgage $312. G contributes land with a fair market value of $2,236, which is encumbered by a recourse mortgage of $1,404. G has held the land for several years as an investment, and his basis in the land is $520. G also contributes $208 in cash. H contributes zero basis accounts receivable from his business worth $1,820, and assigns his accounts payable of $780 to the partnership.