Question
7. Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of
7. Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building. What is Alpha's basis in the building?
a. $0
b. $30,000
c. $50,000
d. $84,000
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Food And Beverage Cost Control
Authors: Jack E. Miller, Lea R. Dopson, David K. Hayes
3rd Edition
0471273546, 978-0471273547
