Samantha contributed $6,000 for a 50% interest in a mobile clothing boutique. She also contributed a point of sale system with a fair market value of $900 and an adjusted basis of $600. Samantha's share of the net business income for the year was $9,000. What is Samantha's outside basis in this business at the end of the year? $6,000 $9,000 $15,600 $15,900

Samantha contributed $6,000 for a 50% interest in a mobile clothing boutique. She also contributed a point of sale system with a fair market value of $900 and an adjusted basis of $600. Samantha's share of the net business income for the year was $9,000. What is Samantha's outside basis in this business at the end of the year? $6,000 $9,000 $15,600 $15,900

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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