Wally ContributionsOffice Furniture66,000FMV as of 9/20/1560,000.00Bought furniture 1/5/15Land9,000FMV as of 9/20/158,000Bought land in 2008Office Building120,000FMV as of 9/20/15100,000In service Building as of2011195,000Total FMV Contributed168,000Total Basis ContributedCaitlin contributed 195,000 in cashWhat is Wally’s adjusted basis of the property he contributed immediately before the contribution? (Hint: You must calculate the accumulated depreciation claimed by Wally since placing the property in service.)What is the depreciation expense on property contributed by Wally that can be claimed by the partnership for 2014, 2015, and 2016?
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