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What are matthew initial basis

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Reference no: EM133002743

In 2019, Matthew contributed equipment with an adjusted basis of $40,000 and an FMV of $36,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest.

Matthew's share of CLP income and losses for the year were as follows:

Interest $1,000

Dividends 600

Capital gains 1,800

Ordinary loss (8,650)

CLP had no liabilities.

Question 1: What are Matthew's initial basis, allowed losses, and ending at-risk amount?

Reference no: EM133002743

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