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What is the partnership basis in the equipment

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Question - Chris Christie, John Thune, and James Doti formed a calendar year partnership in 2016. Profits and losses are to be shared equally by the three partners. Christie contributed equipment that had an adjusted basis to him of $500,000 and a fair market value of $600,000. The partnership assumed Christie's debt of $180,000 on the equipment. What is the basis of Christie's partnership interest? What is the partnership's basis in the equipment?

Reference no: EM132542485

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