LaRynda purchased an 18% interest in SSH Partnership from Sam for $60,000. The fair market value of the partnership interest on the date of sale was $58,000. Sam paid $52,000 when he purchased the partnership interest, and his outside basis at the time of sale was $61,000. What is LaRynda's outside basis in the partnership?

Answer rating: 100% (QA)

To determine LaRyndas outside basis in the partnership we need to calculate the purchase price of he... View the full answer