Question: Joseph contributed $ 2 2 , 0 0 0 in cash and equipment with a tax basis of $ 5 , 0 0 0 and

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 Josephs tax basis in his partnership interest?
b)What is Berry Hills basis in the equipment?

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