6. Loretta contributes property to a partnership in exchange for a 25% partnership interest. The...
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6. Loretta contributes property to a partnership in exchange for a 25% partnership interest. The property contributed has a fair market value of $45,000 and a basis of $35,000 on the date of the contribution to the partnership. In addition, Loretta receives a 10% partnership interest, valued at $18,000, in exchange for services rendered to the partnership. What is Lorettas basis in her partnership interest, immediately after these transactions?A. $53,000 B. $35,000 C. $63,000 D. $45,000 E. None of these choices are correct
A. $53,000
B. $35,000
C. $63,000
D. $45,000
E. None of these choices are correct
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