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Question - Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000 in the XYZ Partnership.
a. Compute Henrietta's realized and recognized gains from the asset transfers.
b. Compute Henrietta's basis in her interest in XYZ.
c. What is XYZ's basis in the equipment that it now holds?
Required: Write a report addressing the parameters included in the 415 Ethics Rubrics, paying particular attention to the ethical implications of this situation. Come to a conclusion as to what you should do
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