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28 Sep 2019
Sam and Barbara form an equal partnership. Sam makes a cashcontribution of $60,000 and a contribution of property with anadjusted basis to him of $120,000 and a fair market value of$130,000 in exchange for his interest in the partnership. Barbaracontributes property with an adjusted basis to her of $11,000 and afair market value of $250,000 in exchange for her partnershipinterest. What is Sam and Barbaraâs basis in the newpartnership?
Sam and Barbara form an equal partnership. Sam makes a cashcontribution of $60,000 and a contribution of property with anadjusted basis to him of $120,000 and a fair market value of$130,000 in exchange for his interest in the partnership. Barbaracontributes property with an adjusted basis to her of $11,000 and afair market value of $250,000 in exchange for her partnershipinterest. What is Sam and Barbaraâs basis in the newpartnership?
Keith LeannonLv2
28 Sep 2019