4. On January 2 of the current year, Black acquired a 50% interest in New Partnership by...

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4. On January 2 of the current year, Black acquired a 50% interest in New Partnership by contributing property with an adjusted basis of $7,000 and a fair market value of

$9,000, subject to a mortgage of $3,000. What was Black’s basis in New at January 2 of the current year?

a. $3,500

b. $4,000

c. $5,500

d. $7,500

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