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Jane O'Neil owns a 50% interest in partnership J&B She contributes a computer system with a FMV of $15,000 and an adjusted basis of $10,000
Jane O'Neil owns a 50% interest in partnership J&B She contributes a computer system with a FMV of $15,000 and an adjusted basis of $10,000 to the partnership. The partnership's basis in the computer system will be _____ and Jane's outside basis will increase by _____
A $10,000; $10,000 B $10,000; $15,000 C $15,000; $10,000 D $15,000; $15,000
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