Able and Baker are equal members in Apple, an LLC. Apple has elected not to...
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Able and Baker are equal members in Apple, an LLC. Apple has elected not to be treated as a corporation. Able contributes $7,000 cash and Baker contributes a machine with a basis of $5,000 and a fair market value of $10,000, subject to a liability of $3,000. What is Apple's basis for the machine? a$8,000 b$10,000 c$2,000 d$5,000
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