Joseph contributed $22,000 in cash and equipment with a tax basis of $5,000 and a fair market value of $11,000 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 ...

a 27000 Josephs tax basis is considered to be his outside basis in the partnership The ...

Joseph contributed $22,000 in cash and equipment with a tax basis of $5,000 and a fair market

Question:

Joseph contributed $22,000 in cash and equipment with a tax basis of $5,000 and a fair market value of $11,000 to Berry Hill in exchange for a interest.
a. What is Joseph's tax basis in his interest?
b. What is Berry Hill's basis in the equipment?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...