Assume the same facts as presented in the foregoing two questions. Which of the following...
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Accounting
Assume the same facts as presented in the foregoing two questions. Which of the following statements is correct regarding the tax consequences to partnership XY immediately after the contributions?
Select one:
a.
The partnership has $2 MM income that must be allocated to the partners.
b.
The partnership has $1 MM income that must be allocated to X.
c.
The partnership has a book value of $2 MM in the property contributed by Y.
d.
The partnership has a book value of $1 MM in the property contributed by Y.
e.
None of the above.
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