A partner received a partnership interest with a fair market value (FMV) of $55,000 in exchange for
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Question:
A partner received a partnership interest with a fair market value (FMV) of $55,000 in exchange for the following items:
Basis | FMV | |
Cash | $20,000 | $20,000 |
Property | 10,000 | 30,000 |
Services rendered | 0 | 5,000 |
What is the partner's basis in the partnership interest?
$30,000
$50,000
$55,000
$35,000
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date: