Alice contributes equipment (fair market value of $50,000; adjusted basis of $15,000), subject to a$10,000...
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Accounting
Alice contributes equipment (fair market value of $50,000; adjusted basis of $15,000), subject to a$10,000 liability, to form Orange Partnership, a general partnership.Mary contributes $40,000 cash.Alice and Mary share equally in partnership profits and losses.What is Alices and Marys basis fortheir partnership interests?
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