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What is the partnership''s basis in each partner contribution

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Question - Three individuals form the ABC partnership and each contribute the following to form the partnership:

Cash: $35,000.00.

Future services to be rendered to the partnership worth: $350,000.

Real property with a basis of $300,000.00 and a fair market value of $350,000.00.

Required -

1. What is each partner's original basis in the partnership interest?

2. What is the partnership's basis in each partner's contribution?

Reference no: EM132474029

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