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What is janet''s basis in the partnership

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Reference no: EM133180917

Question - Janet receives a 30% share in a partnership in exchange for contributing some property with a fair market value of $100,000 to the partnership. The property had a $40,000 basis to the partnership, and the partnership also assumes the individual's $20,000 in liabilities related to the purchase of the property.

Required - What is Janet's basis in the partnership if the partnership had $10,000 in liabilities prior to this transaction?

A. $23,000

B. $29,000

C. $43,000

D. $57,000

Reference no: EM133180917

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