Denise contributes the following assets to a partnership in exchange for a 25% partnership interest:...
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Accounting
Denise contributes the following assets to a partnership in exchange for a 25% partnership interest:
| FMV | Basis | |
|---|---|---|
| Cash | $ 18,500 | $ 18,500 |
| Office equipment | $ 16,000 | $ 6,400 |
| Auto | $ 37,800 | $ 10,800 |
Required:
What is Denises beginning basis in her partnership interest?
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