A partnership is formed by B contributing $500,000 cash and C contributing land worth $500,000 and an adjusted basis of $100,000

Choose one answer.

a) C's adjusted basis his partnership interest is $100,000

b) the partnership's adjusted basis in the land is $100,000

c) if the land is later sold for more than $500,000, the first $400,000 gain is allocable to C

d) All of the above

e) None of the above