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Robert Johnson contributed equipment, inventory, and $42,000 cash to the partnership. The equipment had a book value of $25,000 and market value of $28,000. The inventory has a book value of $50,000, but only had a market value of $15,000. due to obsolescence. The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment.
What amount should Robert's capital account be recorded?
1. $117,000
2. $73,000
3. $85,000
4. $105,000
The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made)?
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