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Sally contributes a television from her home to a newly

Question - Sally contributes a television from her home to a newly formed accounting partnership. Sally's basis is $3,000 and the fair market value of the TV at the time of the contribution is $500. Assuming Sally made no other contributions, what is Sally's basis in her partnership interest?

a. $4,000

b. $3,000

c. $5,000

d. $500

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Accounting Basics: Sally contributes a television from her home to a newly

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