Dirk transferred depreciable property to the frank, Financial Accounting

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Dirk transferred depreciable property to the frank

Dirk transferred depreciable property to the Frank Partnership for a one-half interest in the partnership. The property had an adjusted basis of $42,000 and a FMV of $56,000. The property was subject to a $14,000 mortgage, which was assumed by the partnership. What is the partnership's basis for determining depreciation on the property?

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Financial Accounting: Dirk transferred depreciable property to the frank

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Financial Accounting: Dirk transferred depreciable property to the frank

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