Which statements is correct regarding georges basis

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Reference no: EM133920546

Problem

Frank and George form a 50/50 partnership. Frank contributes $3,000 of cash. George contributes property that has an adjusted tax basis of $10,000 and a fair market value of $25,000. The property is subject to a liability of $22,000 which was assumed by the partnership, of which both Frank and George will equally share the economic risk of loss. Get the instant assignment help. Which statements is correct regarding George's basis in his partnership interest?

Reference no: EM133920546

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