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What is the individuals basis in the partnership

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Point 1: An individual who runs a solo practice agrees to merge her business with a large partnership in return for a 5% share in the partnership. The individual's solo practice has a fair market value of $500,000 and a $400,000 basis to the individual. The partnership also assumes the individual's $200,000 in liabilities related to the solo practice.

Question 1: What is the individual's basis in the partnership if the partnership had $3,000,000 in liabilities prior to this transaction?

Reference no: EM132473974

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