What is the amount of the contributing partner's basis in the partnership interest? *Bob acquired...
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Accounting
What is the amount of the contributing partner's basis in the partnership interest?
*Bob acquired a 40% interest in House Partnership by contributing property with an adjusted basis of $88,000 and a fair market value of $121,000, subject to a mortgage of $55,000.
*Charlene contributed land with a $15,000 basis and an $18,000 FMV to the REG Partnershp in 2014. In 2015, the land was distributed to Jackie, another partner in the partnership. At the time of the distribution, the land had a $20,000 fair market value, and Jackie had a $30,000 basis for her partnership interest.
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