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20 [The following information applies to the questions displayed below.] Joseph contributed $35,500 in cash and equipment with a tax basis of $6,100 and a
20
[The following information applies to the questions displayed below.] Joseph contributed $35,500 in cash and equipment with a tax basis of $6,100 and a fair market value of $12,900 to Berry Hill Partnership in exchange for a partnership interest.
a. What is Josephs tax basis in his partnership interest?
b. What is Berry Hills basis in the equipment?
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