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hello and welcome to the session in which we will discuss the partner spaces and the partnership in the prior session we looked at the initial formation of partnership and we established that the outside basis of Partners equal to the adjusted basis of the property contributed so if he contributed a piece of property lets assume a piece of land and theres an adjusted basis of that land of eighty thousand if fair market value of a hundred thousand and you contributed this land well theres a pre-contribution gain which we talked about this but how much is the basis how much are is your basis in the in in the partnership you would use the adjusted basis of the property contributed now how do we come up with the adjusted basis in the prior session I did not emphasize this point because we learned about adjusted basis and prior session well maybe you purchased this land for 80 000 maybe it was gifted to you and were used in dual basis maybe you got it in form of an inheritance and its e
