What is Kelly's basis for her partnership interest in the following situation? The partners share...
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Accounting
What is Kelly's basis for her partnership interest in the following situation?
The partners share the economic risk of loss from recourse liabilities according to their partnership interests.
Kelly receives a 20% partnership interest for a contribution of property having a $14,000 basis and $17,000 FMV. The partnership assumes her $10,000 recourse liability but has no other debts.
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