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  3. jim contributes equipment worth $100,000, in which

Jim contributes equipment worth $100,000, in which he has a $50,000 basis, in return for...

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Accounting

Jim contributes equipment worth $100,000, in which he has a $50,000 basis, in return for a 40% partnership interest. During the year, the partnership borrows $100,000. The $100,000 is the partnership's sole liability. The partnership has no income during the year, What is Jim's basis in the partnership at year end?

Group of answer choices

$150,000

$100,000

$90,000

$50,000

Answer & Explanation Solved by verified expert
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