Sallycontributes a television from her home to a newlyformed accountingpartnership. Sally's basis is $3,000 and the fair
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Question:
Sallycontributes a television from her home to a newlyformed accountingpartnership. Sally's basis is $3,000 and the fair market value of the TV at the time of the contribution is $500. Assuming Sally made no other contributions, what is Sally's basis in her partnership interest?
a. $4,000
b.$3,000
c.$5,000
d.$500
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