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Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a recourse liability of $10,000. What is Tom's basis in the partnership? $48,000 $50,500 $55,500 $68,000

Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a recourse liability of $10,000. What is Tom's basis in the partnership? $48,000 $50,500 $55,500 $68,000

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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Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a recourse liability of $10,000. What is Tom's basis in the partnership? $48,000 $50,500 $55,500 $68,000
Transcribed Image Text:Tom contributed $28,000 in cash for a 25% interest in a general partnership. He also contributed property with an adjusted basis of $30,000, with a recourse liability of $10,000. What is Tom's basis in the partnership? $48,000 $50,500 $55,500 $68,000
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