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Jerry Corp and Mr. Pegs formed a 50/50 general partnership. Jerry contributed $500,000 cash, and Mr. Pegs contributed a building with a $500,000 FMV and $300,000 tax basis. The partnership immediately borrowed $700,000 of recourse debt. What is Jerry's tax basis in its partnership interest? O $500,000 O $1,200,000 O $850,000 O $650,000.
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