Evaluate what the tax consequences

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In forming a partnership, each partner may not contribute the same property to form the entity. Quite often, the partners contribute varying amounts of property, cash, and/or services. These respective contributions are given by the partners to obtain their respective partnership interest.

Evaluate what the tax consequences would be to the partnership in terms of gain or loss recognition to the partnership from the various partner contributions to form the entity.

Assess what the partnership's basis would be in the partner's contribution to the entity.

Reference no: EM133327079

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