Previously used the equipment in his sole proprietorship

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Reference no: EM13906161

Liz and John formed the equal LJ Partnership on January 1 of the current year.

Liz contributed $80,000 of cash and land with a fair market value of $90,000 and an adjusted basis of $75,000.

John contributed equipment with a fair market value of $170,000 and an adjusted basis of $20,000.

John had previously used the equipment in his sole proprietorship. Are there any differences between inside and outside basis? Explain.

Reference no: EM13906161

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