[ANSWERED] Basis of a Partnership Interest. Anita has a one-half interest in the AB Partnership. Anita’s basis.

Basis of a Partnership Interest. Anita has a one-half
interest in the AB Partnership. Anita’s basis in her interest at the beginning
of the current year is $75,000. During the year, the following events occur:
• Partnership liabilities increase by $50,000.
• Partnership earns $60,000 of ordinary income.
• Partnership recognizes $20,000 of capital losses.
• Partnership incurs $3,000 of nondeductib le expenses.
• Partnership earns $10,000 of tax-exempt interest.
• Anita withdraws $15,000 in cash.
• Anita contributes land having a $20,000 adjusted basis and
a $100,000 FMV as an additional capital contribution without increasing her
interest in the partnership.
a. What gain (if any) does Anita recognize on the transfer
of the land to the partnership?
b. What is Anita’s basis in her partnership interest at the
end of the current year?