Shelly contributed the following business assets to S&S Partnership on March 3, 2017: What is the basis

Question:

Shelly contributed the following business assets to S&S on March 3, 2017:

FMV Date Purchased by Shelly Basis S75,000 07/01/16 Equipment Acct. Rec. $ 45,000 Various S100,000

What is the basis in the equipment and the accounts receivable to S&S?

a. Equipment $0; Accounts Receivable $ 0.

b. Equipment $75,000; Accounts Receivable $ 0.

c. Equipment $45,000; Accounts Receivable $ 0.

d. Equipment $45,000; Accounts Receivable $100,000.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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...

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