Tom is talking to his friend Bob, who has an interest in Freedom, LLC, about purchasing his
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Tom is talking to his friend Bob, who has an interest in Freedom, LLC, about purchasing his LLC interest. Bob's outside basis in Freedom, LLC is $5,000. This includes his $1,500 one-fourth share of the LLC's debt. Bob's 704(b) capital account is $12,000. If Tom bought Bob's LLC interest for $7,000, what would Tom's outside basis be in Freedom, LLC?
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Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date: