Annabelle, Boden, and Christy form ABC Partnership as equal partners. Annabelle and Boden contribute cash of $40,000 each and Christy contributes equipment with a $70,000 fair market value and $50,000 basis. The equipment is subject to a $30,000 liability, which is assumed by the partnership.

What is Christy's basis in her partnership interest?  

Answer rating: 100% (QA)

Christys basis in her partnership interest is 40000 Heres how we can calculate it ... View the full answer