After an asset contribution by a partner to a partnership, the partner's basis for his or her ownership interest is the same as the basis of the assets contributed if no liabilities are involved).

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Quizplus · Accepted Answer

The partner's basis in the partnership interest is generally the same as the basis of the assets contributed, assuming no liabilities are assumed by the partnership or other partners. This is because the basis of the contributed assets carries over to the partnership, and thus to the partner's interest in the partnership.

After an Asset Contribution by a Partner to a Partnership