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Problem 1 In 2 0 2 1 , Matthew contributed equipment with an adjusted basis of $ 4 0 , 0 0 0 and an
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In Matthew contributed equipment with an adjusted basis of $ and an FMV of $ to Construction Limited Partnership CLP in return for a limited partnership interest. Matthews share of CLP income and losses for the year were as follows:
Interest $
Dividends
Capital gains
Ordinary loss
CLP had no liabilities.
What is Matthews initial basis, allowed losses, and ending atrisk amount?
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