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Phoebe and Parker are equal members of the Phoenix partnership. They are real estate investors who formed the partnership several years ago with...

Phoebe and Parker are equal members of the Phoenix partnership. They are real estate investors who formed the partnership several years ago with equal cash contribution. Phoenix then purchased a piece of land.
On January 1st current year, to acquire a one third intrest in the entity. Reece contributed to the partnership some land she had held for investment. Reece purchased the land five years ago for $75,000: its fair market value at the contribution date

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