Question
Bob Barker contributed land with an adjusted basis to Bob of $50,000 and a fair market value of $100,000 subject to a recourse mortgage of
Bob Barker contributed land with an adjusted basis to Bob of $50,000 and a fair market value of $100,000 subject to a recourse mortgage of $30,000 in exchange for a one-third interest in the Alpha Partnership. Alpha will assume the mortgage on the land. What is Bob's basis for his partnership interest?
Question options:
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a. $0
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b. $20,000
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c. $30,000
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Accounting for Non-Accounting Students
Authors: John R. Dyson
8th Edition
273722972, 978-0273722977
