Question
Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for $47,000 of cash. The PPZ Partnership has borrowed $18,000 of
Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for $47,000 of cash. The PPZ Partnership has borrowed $18,000 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest?
A. 59,600
B. 47,000
C. 52,400
D. 65,000
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College Accounting Chapters 1-13
Authors: John Price, M. David Haddock, Michael Farina
15th Edition
125999516X, 9781259995163
