Question
Cassandra contributed $15,000 for a 50% interest in a food truck. She also contributed a computerized display board with a fair market value of $1,300
Cassandra contributed $15,000 for a 50% interest in a food truck. She also contributed a computerized display board with a fair market value of $1,300 and an adjusted basis of $1.100. Cassandra's share of net business income for the year was $10.000.
What is Cassandra's partnership basis in this business at the end of the year?
A. $15,000
B. $25,000
C. $26,100
D. $26,300
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Financial And Managerial Accounting 9th Edition Bycrosson
Authors: Crosson
9th Edition
B00650OLZE
