Ted contributes a nondepreciable asset to the tk, Accounting Basics

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Ted contributes a nondepreciable asset to the tk

Problem

Ted contributes a nondepreciable asset to the TK partnership in exchange for a one-third interest in the capital, profits and losses of the partnership. The asset has an adjusted basis to Ted of $24,000 and fair market value of $50,000. The assets is encumbered by a nonrecourse note of $35,000 that has not been guaranteed by any of the partners.

a. What is Ted's adjusted basis in his partnership interest after the contribution?

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Accounting Basics: Ted contributes a nondepreciable asset to the tk

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Accounting Basics: Ted contributes a nondepreciable asset to the tk

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