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Pat contributes a building with a basis of $40,000 and a FMV of $80,000 in exchange for a 30% partnership interst. The building was subject
Pat contributes a building with a basis of $40,000 and a FMV of $80,000 in exchange for a 30% partnership interst. The building was subject to a $30,000 liability which was assumed by the partnership. What is Pat's basis in the partnerhsip interest? $40,000 $10,000 $19,000 $70,000
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
