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What is hewitts basis in the partnership

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Reference no: EM132542472

Question - Hugh Hewitt contributed property to a new partnership for a 50% interest in the partnership. The property had an adjusted basis of $120,000 in Hewitt's hands. The property was also subject to a recourse loan of $ 90,000 that was assumed by the partnership.

Required -

a) What is Hewitt's basis in the partnership?

b) What is Hewitt's basis if the recourse loan is not contributed to the partnership?

Reference no: EM132542472

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