Question
Benedict is a partner in Sherlock Enterprises LLC. He contributed $400 of cash plus $1,100 worth of property that has an adjusted basis of $700.
Benedict is a partner in Sherlock Enterprises LLC. He contributed $400 of cash plus $1,100 worth of property that has an adjusted basis of $700. At the end of the year, his share of liabilities is $300 and his portion of the net loss for the year was $200. What is Benedicts basis at the end of the year?
A. 1,600
B. 1,800
C. 1,200
D. 2,300
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College Accounting A Practical Approach 1-15
Authors: Jeffrey Slater
4th Edition
013142050X, 978-0131420502
