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PLEASE SHOW ALL WORK!! Olivia, Kyle, and And formed a partnership...

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Accounting

PLEASE SHOW ALL WORK!!
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Olivia, Kyle, and And formed a partnership in which they share all things equally. Kyle contributed an asset on which there is a liability of $22,500, which was assumed by the partnership. Kyle's AB in the asset he contributed was $16,000 and the FMV of the asset on the date of contribution was $60,000. What is Kyle's outside basis immediately after the contribution? Select one: a. $45,000 b. $1,000 c. $16,000 d. $60,000 Clear my choice

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