Question
Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a
Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a recourse liability of $10,000. What is Tom's basis in the partnership?
$48,000
$50,500
$55,500
$68,000
Explain please!
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Essentials Of Cost Accounting For Health Care Organizations
Authors: Steven Finkler, Judith Baker, David Ward
3rd Edition
0810235447, 9780763738136
