Question: Haley contributed $7,000 for a 50% interest in a mobile clothing boutique. She also contributed a point of sale system with a fair market value

Haley contributed $7,000 for a 50% interest in a mobile clothing boutique. She also contributed a point of sale system with a fair market value of $900 and an adjusted basis of $600. Haley's share of the net business income for the year was $10,000. What is Haley's outside basis in this business at the end of the year? $7,000 $10,000 $17,600 $17,900

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