Olson contributes property with an adjusted basis of $125,000 and a fair market value of $100,000 to
Question:
Olson contributes property with an adjusted basis of $125,000 and a fair market value of $100,000 to O&W Associates, a partnership, in exchange for a 75 percent interest in the partnership. What is the partnership’s basis in the property contributed?
a. $50,000
b. $75,000
c. $100,000
d. $125,000
e. None of the above
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The partnerships basis in the property contributed by Olson is equal to Olsons adjus...View the full answer
Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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