Question
Lucy, Henry, and Peter formed the LHP general partnership as equal partners. Lucy contributed $12,000 cash and property with an adjusted basis of $19,000
Lucy, Henry, and Peter formed the LHP general partnership as equal partners. Lucy contributed $12,000 cash and property with an adjusted basis of $19,000 and a fair market value (FMV) of $27,000. The partnership had $69,000 in ordinary income for the year. What is Lucy's ending tax-basis capital account?
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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
34th Edition
0135919460, 978-0135919460
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