Chen contributes a building worth $160,000 (adjusted basis $180,000) and $40,000 in services to a partnership for a partnership interest. Chen's basis in the partnership interest is
A) $160,000.
B) $180,000.
C) $200,000.
D) $220,000.
D) $220,000.
The basis is $180,000 adjusted basis of property plus $40,000 FMV of services contributed.
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