Question
Quinn is a member of a general partnership. Quinn and his partner are the only two partners in the partnership. He contributed a piece of
Quinn is a member of a general partnership. Quinn and his partner are the only two partners in the partnership. He contributed a piece of equipment with an adjusted basis of $20,000 and an outstanding loan of $5,000, which was assumed by the partnership. How much will Quinn's outside basis change?
a. $15,000
b. $17,500
c. $22,500
d. $25,000
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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