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Joseph contributed 46500 in cash and equipment with a tax

Question - Joseph contributed $46,500 in cash and equipment with a tax basis of $12,300 and a fair market value of $20,600 to Berry Hill Partnership in exchange for a partnership interest.

a. What is Joseph's tax basis in his partnership interest?

b. What is Berry Hill's basis in the equipment?

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Accounting Basics: Joseph contributed 46500 in cash and equipment with a tax

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Accounting Basics: Joseph contributed 46500 in cash and equipment with a tax

Reference No:- TGS02661488

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