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Business, 07.12.2021 03:20 stevenssimeon30

At the end of last year, Lisa, a 35 percent partner in the five-person LAMEC Partnership, has an outside basis of $71,250, including her $35,250 share of LAMEC debt. On January 1 of the current year, Lisa sells her partnership interest to MaryLynn for a cash payment of $52,500 and the assumption of her share of LAMEC's debt What is MaryLynn’s initial basis in the partnership interest?

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At the end of last year, Lisa, a 35 percent partner in the five-person LAMEC Partnership, has an out...

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