Jessie acquired a 25% interest in Restaurant Ventures LLC by contributing a building that was worth $50,000
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Question:
Jessie acquired a 25% interest in Restaurant Ventures LLC by contributing a building that was worth $50,000 and carried a mortgage balance of $25,000. Jessie’s basis in the building was $25,000. Restaurant Ventures LLC assumed the mortgage balance. What is Jessie’s basis in Restaurant Ventures LLC after the contribution?
$25,000
$6,250
$7,250
0
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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