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Problem - On January 2 of the current year, Black acquired a 50% interest in New Partnership by contributing property with an adjusted basis of $7,000 and a fair market value of $9,000, subject to a mortgage of $3,000. What was Black's basis in New at January 2 of the current year?
a. $3,500
b. $4,000
c. $5,500
d. $7,500
the tax court obligated to follow the decision of the Eighth Circuit Court of Appeals
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List the ways an information system can be used in a career area of interest to you.
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