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What is Joseph tax basis in his partnership interest

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Reference no: EM132448706

Question - Joseph contributed $46,500 in cash and equipment with a tax basis of $12,300 and a fair market value of $20,600 to Berry Hill Partnership in exchange for a partnership interest.

Required -

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

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

Reference no: EM132448706

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