12.Cameron is a 30% partner in CM partnership. Cameron contributed $5,000 in cash at formation of CM. CM borrowed $20,000 to purchase equipment. During the first year of operations, CM had net taxable income of $25,000, tax exempt income of $4,000; interest income of $6,000; Cameron received $5,000 distribution of cash. The partnership debt was decreased by $5,000. At the end of the first year of operations, what amount of basis would Cameron have?
(ShanShan Zhang)13.L and M form the LM Partnership with the following contributions. L contributes property with a basis of $45 and a fair market value of $105, but subject to a recourse mortgage of $30. M contributes property with basis of $15 and subject to a recourse mortgage of $80. L and M are both general partners. L has a 60% interest in partnershipcapital, profit and losses ( and liabilities). M owns the remaining 40%. What will be L’s basis in his/her partnership interest?