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In this session, we discuss partner spaces and partnerships, building on our previous session focused on the formation of partnerships. We established that a partner's outside basis is equal to the adjusted basis of the property they contribute. For example, if a partner contributes land with an adjusted basis of $80,000 and a fair market value of $100,000, the pre-contribution gain can be discussed. The key takeaway is to use the adjusted basis of the contributed property to determine the basis in the partnership. We also touch on how to determine the adjusted basis, mentioning scenarios such as purchase, gifting, or inheritance, which can all affect the basis.