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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