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What is Gary basis in his partnership interest

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Question - Fred contributes cash of $350,000 to Strumble Partnership for his 50% interest in the partnership. For his 50% interest Gary contributes a building with a fair market value of $550,000 and a basis of $250,000. The building is subject to a mortgage of $200,000. Net income for Strumble for 2019 is $100,000, Strumble borrows an additional $50,000 during 2019 and makes a distribution to each partner of $20,000. Assuming that the partners share profits and losses equally what is Gary's basis in his partnership interest at the end of 2019.

Reference no: EM132429558

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