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What is MaryLynn initial basis in the partnership interest

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Question - At the end of last year, Lisa, a 35 percent partner in the five-person LAMEC Partnership, has an outside basis of $60,000, including her $30,000 share of LAMEC debt. On January 1 of the current year, Lisa sells her partnership interest to MaryLynn for a cash payment of $45,000 and the assumption of her share of LAMEC's debt.

Required - What is MaryLynn's initial basis in the partnership interest?

Reference no: EM132448943

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