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Question 21 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed $25,000 cash and
Question 21 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed $25,000 cash and property with an adjusted basis of $25,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a FMV of $55,000. The partnership made $90,000 in ordinary income for the year and there were no cash or property distributions. What is Hailie's ending tax capital account? $55,000 O $85,000 O $88,446 O $103,333 Mark for follow up
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