What is berry hills basis in the equipment

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Reference no: EM13214993

Joseph contributed $34,750 in cash and equipment with a tax basis of $8,800 and a fair market value of $12,000 to Berry Hill Partnership in exchange for a partnership interest.

a. What is Joseph's tax basis in his partnership interest?

b. What is Berry Hill's basis in the equipment?

Reference no: EM13214993

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