12a.Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership:   Basis Fair Market Value Harry:     Cash $ 30,000 $ 30,000 Land 100,000 120,000 Totals $ 130,000 $ 150,000 Sally:     Equipment used in a business 200,000 150,000 Totals $ 200,000 $ 150,000

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