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George and Bob enter into a partnership to be owned 50% by each. George contributes the assets of his existing business consisting of the following:
George and Bob enter into a partnership to be owned 50% by each. George contributes the assets of his existing business consisting of the following: Basis Fair Value Cash $10,000 $10,000 Building $50,000 $40,000 Equipment $25,000 $20,000 Total $85,000 $70,000 How much must Bob contribute in cash? A. $85,000 B. $70,000 C. $10,000 D. $76,000
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