Quinn is a member of a general partnership. Quinn and his partner are the only two partners
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Question:
Quinn is a member of a general partnership. Quinn and his partner are the only two partners in the partnership. He contributed a piece of equipment with an adjusted basis of $20,000 and an outstanding loan of $5,000, which was assumed by the partnership. How much will Quinn's outside basis change?
a. $15,000
b. $17,500
c. $22,500
d. $25,000
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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