Jones and Curry Formed Major partnership as equal partners by contributing the assets below Name / Asset / Adjusted basis / Fair market value Jones / Cash / $45,000 / $45,000 Curry / Land / $30,000 / $57,000 The land was held by Curry as a capital asset, subject to a $12,000 mortgage, that was assumed by Major. What was Curry's initial basis in the partnership interest?

Jones and Curry Formed Major partnership as equal partners by contributing the assets below
Name / Asset / Adjusted basis / Fair market value
Jones / Cash / $45,000 / $45,000
Curry / Land / $30,000 / $57,000
The land was held by Curry as a capital asset, subject to a $12,000 mortgage, that was assumed by Major.
What was Curry's initial basis in the partnership interest?

a. $45,000
b. $30,000
c. $24,000
d. $18,000





Answer: C

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