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Joseph contributed $34,750 in cash and equipment with a tax basis of $8,800 and a fair market value of $12,000 to Berry Hill Partnership in

Joseph contributed $34,750 in cash and equipment with a tax basis of $8,800 and a fair market value of $12,000 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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