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Exercise 10-16 (Algorithmic) (LO. 3) Henrietta transfers cash of $315,200 and equipment with a fair market value of $94,560 (basis to her as a sole
Exercise 10-16 (Algorithmic) (LO. 3) Henrietta transfers cash of $315,200 and equipment with a fair market value of $94,560 (basis to her as a sole proprietor, $37,824) in exchange for a 40% profit and loss interest worth $409,760. If an amount is zero, enter "O". a. How much are Henrietta's realized and recognized gains? Realized gain: $ Recognized gain: b. What is the amount of Henrietta's basis in her partnership interest? $ c. What is the partnership's basis in the contributed equipment
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