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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
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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

User Artur Owczarek
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5.6k points

1 Answer

3 votes

Answer:

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.

User Radik
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5.7k points
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