Burt's adjusted basis for his interest in the Cobra Partnership was $6,000 at the time he made

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Burt's adjusted basis for his interest in the Cobra Partnership was $6,000 at the time he made a contribution of land. The parcel of land had an adjusted basis of $7,000 and a fair market value of $10,000 to Cobra.

Following the contribution, what is Burt's tax basis in his partnership interest?

a. $10,000

b. $16,000

c. $6,000

d. $13,000

Related Book For answer-question

South western Federal Taxation 2017 Corporations, Partnerships, Estates and Trusts

ISBN: 9781305874336

40th edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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Posted Date: May 20, 2022 02:36 AM

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Burt's adjusted basis for his interest in the Cobra Partnership was $6,000 at the time he made

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South western Federal Taxation 2017 Corporations, Partnerships, Estates and Trusts

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