Question: Realize Your Potential: H&R Block 1 2 / 2 9 / 2 3 , 9 : 2 2 AM At the beginning of 2 0

Realize Your Potential: H&R Block
12/29/23,9:22 AM
At the beginning of 2022, Francisco owned a 50% interest in a partnership. During the year, he contributed equipment with a fair market value of $14,000 to the partnership. At the time, his adjusted basis in the equipment was $10,000. Neither Francisco nor the partnership recognized any gain when the equipment was contributed.
How does this contribution affect Francisco's outside basis?
It decreases by $10,000.
It increases by $10,000.
It increases by $14,000.
It is not impacted by the contribution.Mm
Realize Your Potential: H&R Block 12/29/23,9:22 AM At the beginning of

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