Hugh Hewitt contributed property to a new partnership for a 50% interest in the partnership. The property

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Hugh Hewitt contributed property to a new partnership for a 50% interest in the partnership. The property had an adjusted basis of $120,000 in Hewitt's hands. The property was also subject to a recourse loan of $ 90,000 that was assumed by the partnership.

a) What is Hewitt's basis in the partnership?

b) what is Hewitt's basis if the recourse loan is not contributed to the partnership?

Related Book For answer-question

Fundamentals of Taxation 2019

ISBN: 9781260158670

12th edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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Posted Date: Jun 27, 2020 04:18 AM

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Hugh Hewitt contributed property to a new partnership for a 50% interest in the partnership. The property

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A Hewitt is enter in 50 interest in partnership so there ba... View the full answer

Fundamentals of Taxation 2019

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