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What is joseph tax basis in his partnership interes

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Reference no: EM132202926

Question - Joseph contributed $36,000 in cash and equipment with a tax basis of $12,100 and a fair market value of $15,600 to Berry Hill Partnership in exchange for a partnership interest.

a. What is Joseph's tax basis in his partnership interest?

b. What is Berry Hill's basis in the equipment?

Reference no: EM132202926

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