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Determine her adjusted basis for her partnership interest

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Reference no: EM133090331

Question - Binita contributed property with a basis of $40,000 and a value of $50,000 to the BE Partnership in exchange for a 20% interest in partnership capital and profits. During the first year of partnership operations, BE had net taxable income of $30,000. The partnership distributed $10,000 cash to Binita. Determine her adjusted basis (outside basis) for her partnership interest at year-end?

Reference no: EM133090331

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