Daniel and Emma form HP Enterprises, LLC a partnership designed to market and sell Harry...
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Accounting
Daniel and Emma form HP Enterprises, LLC a partnership designed to market and sell Harry Potter merchandise. In exchange for equal partnership interests (capital, profits and losses) Daniel and Emma contribute the following:
Daniel: AB FMV
Cash $80,000 $80,000
Property $70,000 $100,000
Debt associated with the property $30,000 $30,000
Emma contributed cash of $150,000
.
What basis does the partnership take in the assets?
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