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Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for...

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Accounting

Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for $39,000 of cash. The PPZ Partnership has borrowed $10,000 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest?

$39,000.

$42,000.

$46,000.

$49,000.

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