caitlin and wally formed the c w partnership on september 20 2013 caitlin contributed cash of 195000 and wally c

He bought the furniture for $60,000 on January 5, 2013, and placed it in service on that date. Wally did not elect Sec. 179 expensing on the furniture and elected out of bonus depreciation. He also contributed an office building and land with a combined FMV of $129,000. The land’s FMV is $9,000. Wally bought the land in 2006 for $8,000 and had the building constructed for $100,000. The building was placed in service in June 2009.