Question
A partner received a partnership interest with a fair market value (FMV) of $55,000 in exchange for the following items: Basis FMV Cash $20,000 $20,000
A partner received a partnership interest with a fair market value (FMV) of $55,000 in exchange for the following items:
| Basis | FMV | |
| Cash | $20,000 | $20,000 |
| Property | 10,000 | 30,000 |
| Services rendered | 0 | 5,000 |
What is the partner's basis in the partnership interest?
$30,000
$50,000
$55,000
$35,000
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South-Western Federal Taxation 2018 Comprehensive
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
41st Edition
1337386006, 978-1337386005
