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Exercise 10-17 (Algorithmic) (L0.3) Henrietta transfers cash of $88,400 and equipment with a fair market value of $26,520 (basis to her as a sole proprietor,
Exercise 10-17 (Algorithmic) (L0.3) Henrietta transfers cash of $88,400 and equipment with a fair market value of $26,520 (basis to her as a sole proprietor, $10,608) in exchange for a 40% profit and loss interest worth $114,920. 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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