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Question 7 4 pts George and Martha formed a partnership by each contributing $5,000 cash. The partnership then borrowed another $60,000 to finance its operations.

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Question 7 4 pts George and Martha formed a partnership by each contributing $5,000 cash. The partnership then borrowed another $60,000 to finance its operations. If George and Martha are both general partners, compute each partner's initial basis in his/her partnership interest. $5,000 O $35.000 SO $65.000 4 pts Question 8 Randolph Scott operates a business as a sole proprietorship. This year his net proht was $10.570

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