Question: Julia contributed $ 7 , 0 0 0 for a 5 0 % interest in a mobile clothing boutique. She also contributed a point of

Julia 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. Julia's share of the net business income for the year was $10,000.
What is Julia's outside basis in this business at the end of the year?
$7,000
$10,000
$17,600
$17,900
Julia contributed $ 7 , 0 0 0 for a 5 0 %

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