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Henrietta transfers cash of $189,200 and equipment with a fair market value of $56,760 (basis to her as a sole proprietor, $22,704 ) in exchange
Henrietta transfers cash of $189,200 and equipment with a fair market value of $56,760 (basis to her as a sole proprietor, $22,704 ) in exchange for a 40% profit and loss interest worth $245,960 in the XYZ Partnership. If an amount is zero, enter "0". a. Compute Henrietta's realized and recognized gains from the asset transfers. Realized gain: $ Recognized gain: \$ b. Compute Henrietta's basis in her interest in XYZ. 4 c. What is XYZ 's basis in the equipment that it now holds? 9
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