Business, 12.08.2020 07:01 sonthatshannah

Joseph contributed $25,000 in cash and equipment with a tax basis of $6,400 and a fair market value of $12,600 to Berry Hill Partnership in exchange for a partnership interest. a. What is Joseph’s tax basis in his partnership interest?
b. What is Berry Hill’s basis in the equipment?

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Joseph contributed $25,000 in cash and equipment with a tax basis of $6,400 and a fair market value...