Question
Cheryl contributes $5,000 cash and land with a tax basis of $28,000 and a fair market value of $45,000 to the Beta Partnership in exchange
Cheryl contributes $5,000 cash and land with a tax basis of $28,000 and a fair market value of $45,000 to the Beta Partnership in exchange for a 25-percent interest in the partnership. What is Cheryl's basis in her Beta Partnership interest?
| A. | $5,000 | ||
| B. | $33,000 | ||
| C. | $50,000 | ||
| D. | $73,000 |
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Behind Closed Doors What Company Audit Is Really About
Authors: V. Beattie, R. Brandt, S. Fearnley
2001 Edition
0333747844, 978-0333747841
