Question: Joseph contributed $ 3 6 , 0 0 0 in cash and equipment with a tax basis of $ 1 2 , 1 0 0

Joseph contributed $36,000 in cash and equipment with a tax basis of $12,100 and a fair market value of $15,600 to Berry Hill Partnership in exchange for a partnership interest.
a. What is Joseph's tax basis in his partnership interest?

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