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What is Jessie basis in Restaurant Ventures LLC

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Reference no: EM133001542

Question - Jessie acquired a 25% interest in Restaurant Ventures LLC by contributing a building that was worth $50,000 and carried a mortgage balance of $25,000. Jessie's basis in the building was $25,000. Restaurant Ventures LLC assumed the mortgage balance. What is Jessie's basis in Restaurant Ventures LLC after the contribution?

Reference no: EM133001542

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