Question: Question Mode Multiple Choice Question Eddie contributed $ 6 0 , 0 0 0 cash to Howling Partnership in exchange for a 5 0 %

Question Mode

Multiple Choice Question

Eddie contributed $

60, 000

cash to Howling Partnership in exchange for a

50 %

partnership interest. Howling immediately borrowed $

50, 000

of debt that Eddie and the other partners had to guarantee personally based on their initial ownership interests. What is Eddie's tax basis in Howling?

Multiple choice question.

85, 000

110, 000

60, 000

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