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Emil Emory contributes property to a new partnership for a 50% interest in the partnership. The property has an adjusted basis in Emil's hands of
| Emil Emory contributes property to a new partnership for a 50% interest in the partnership. The property has an adjusted basis in Emil's hands of $30,000. The property was also subject to an $80,000 mortgage that was assumed by the partnership. |
| What is Emil's basis in his partnership interest? |
| What are the other tax effects to Emil based on this transaction? |
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Financial Accounting Working Papers Tools For Business Decision Making
Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso
6th Edition
0470887931, 978-0470887936
