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Emil Emory contributes property to a new partnership for a 50% interest in the partnership. The...

Emil Emory contributes property to a new partnership for a 50% interest in the partnership. The property has an adjusted basis in Emil's hands of $30,000. The property was also subject to an $80,000 mortgage that was assumed by the partnership.
What is Emil's basis in his partnership interest?
What are the other tax effects to Emil based on this transaction?
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