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Chana contributed $6000 for 50% interest in a mobile boutique. She also contributed a point of sale system with a market value of $900 and adjusted basis of $600.the boutique earned a profit of $18000. What is Chana partnership basis

Chana contributed $6000 for 50% interest in a mobile boutique. She also contributed a point of sale system with a market value of $900 and adjusted basis of $600.the boutique earned a profit of $18000. What is Chana partnership basis

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chana contributed $6000 for 50% interest in a mobile boutique. She also contributed a point of sale system with a market value of $900 and adjusted basis of $600.the boutique earned a profit of $18000. What is Chana partnership basis

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