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Joseph contributed $30,250 in cash and equipment with a tax basis of $7,500 and a fair market value of $17,000 to Berry Hill Partnership in

Joseph contributed $30,250 in cash and equipment with a tax basis of $7,500 and a fair market value of $17,000 to Berry Hill Partnership in exchange for a partnership interest.

a.	What is Josephs tax basis in his partnership interest?

b.	What is Berry Hills basis in the equipment?

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