Question: Daniel requires a 3 0 % interest in the PPZ partnership from Palo and existing partner for 4 7 , 5 0 0 of cash

Daniel requires a 30% interest in the PPZ partnership from Palo and existing partner for 47,500 of cash PPZ partnership has borrowed 18,500 of recourse liabilities as of the date Daniel bought the interest. What is Daniels basis in his partnership interest?

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