Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis...
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Accounting
Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000.
1.How much are Henriettas realized and recognized gains?
2.What is the amount of Henriettas basis in her partnership interest?
3.What is the partnerships basis in the contributed equipment?
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