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What is the partnership basis in the contributed equipment

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Reference no: EM132663195

Problem - Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000 in a partnership.

Required -

a. How much are Henrietta's realized and recognized gains?

b. What is the amount of Henrietta's basis in her partnership interest?

c. What is the partnership's basis in the contributed equipment?

Reference no: EM132663195

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