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Problem - 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 a partnership.
Required -
a. How much are Henrietta's realized and recognized gains?
b. What is the amount of Henrietta's basis in her partnership interest?
c. What is the partnership's basis in the contributed equipment?
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