Question

On May 1, Melany contributed $7,000 and property, with an adjusted basis of $9,500 and a FMV of $11,500, for a 15% share of partnership Joseph's Jamboree. What is her beginning basis

Answer 1

her beginning basis is $16500.

Step-by-step explanation:

basis of partnership

= money contributed + adjusted basis of equipment contributed

= $7000 + $9500

= $16500

Therefore, her beginning basis is $16500.