Solution-What was Black basis in New at January of the

What was Black basis in New at January of the current year

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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

Reference no: EM132648242

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What was Black basis in New at January of the current year

Reference no: EM132648242

Reference no: EM132648242

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