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Kevin owns 20% of Falcon Partnership His outside basis is $20,000 which includes $3,000, his debe share of the Partiership Kevin's 704(b) capital account is
Kevin owns 20% of Falcon Partnership His outside basis is $20,000 which includes $3,000, his debe share of the Partiership Kevin's 704(b) capital account is $25,000. If Danny purchased Kevin's entire interest for $21,000, what is Danny's outside basis in the Partnership after the transaction O A $20,000 8.521,000 OC $23,000 D. $24,000 O E 525.000
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Glencoe Accounting
Authors: McGraw-Hill
1st Edition
0021400881, 9780021400881
