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Case 2 Three individuals form the ABC partnership and each contribute the following to form the partnership: Cash: $35,000.00 Future services to be rendered to
Case 2
Three individuals form the ABC partnership and each contribute the following to form the partnership:
- Cash: $35,000.00
- Future services to be rendered to the partnership worth: $350,000
- Real property with a basis of $300,000.00 and a fair market value of $350,000.00.
Tasks:
- What is each partner's original basis in the partnership interest?
- What is the partnership's basis in each partner's contribution?
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Horngrens Accounting
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
9780134487151, 013448715X, 978-0134674681
