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Compute the basis of Barker interest in Kode

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Problem - Barker acquired a 50% interest in Kode Partnership by contributing $20,000 cash and a building with an adjusted basis of $26,000 and a fair market value of $42,000. The building was subject to a $10,000 mortgage, which was assumed by Kode. The other partners contributed cash only. Compute the basis of Barker's interest in Kode?

a. $36,000

b. $41,000

c. $52,000

d. $62,000

Reference no: EM132673582

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