Heather contributed 5000 for a 25% interest in a mobile clothing store. She also contributed a point
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Question:
Heather contributed 5000 for a 25% interest in a mobile clothing store. She also contributed a point of sale with a fair market value of 800 and an adjusted basis of 500. During the year the boutique earned a profit of 18000. what is Heather's partnership basis in this business at the end of the year?
a. 4500
b. 5500
c. 10000
d. 10300
Related Book For
South Western Federal Taxation 2014 Comprehensive Volume
ISBN: 9781285180922
37th edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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