Question: can you please explain the answer step by step Henrietta transfers cash of $166,800 and equipment with a fair market value of $50,040 (basis to

can you please explain the answer step by step
can you please explain the answer step by step Henrietta transfers cash

Henrietta transfers cash of $166,800 and equipment with a fair market value of $50,040 (basis to her as a sole proprietor, $20,016) in exchange for a 40% profit and loss interest worth $216,840. If an amount is zero, enter "0". a. How much are Henrietta's realized and recognized gains? Realized gain: 1 Recognized gain: $ b. What is the amount of Henrietta's basis in her partnership Interest? c. What is the partnership's basis in the contributed equipment

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