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Assume your colleague asked you to purchase an interest in an existing partnership. The colleague sold you 40% of the partnership for $100,000 and you
Assume your colleague asked you to purchase an interest in an existing partnership. The colleague sold you 40% of the partnership for $100,000 and you assumed $100,000 in liabilities. Please explain the difference in the tax basis of the purchased partnership interest and the tax basis of your interest resulting from the formation of a partnership with your colleague
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