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In this session, the focus is on partner spaces and partnerships. The outside basis of partners 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, there is a pre-contribution gain. The basis in the partnership is determined by the adjusted basis of the contributed property. To establish the adjusted basis, one needs to consider how the property was acquired—whether purchased, gifted (using dual basis), or inherited. This clarification builds on concepts discussed in the previous session regarding adjusted basis.
