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Problem -
A, B, C, and D are sole proprietors, each individually engaged in the business of free-lance court reporting. All four individuals report their income on the cash method. They decide to form an equal, cash method, general partnership with interests of $30,000 each.
A contributes:
B contributes:
C contributes:
D contributes:
Questions -
1) What gain or loss is recognized to each partner as a result of these contributions?
2) What is the tax basis of each partner's interest in the partnership?
3) What is the partnership's basis in each asset?
4) a. What is each partner's holding period for his partnership interest?
b. What is the partnership's holding period for its assets?
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