Jim contributes equipment worth $100,000, in which he has a $50,000 basis, in return for...
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Accounting
Jim contributes equipment worth $100,000, in which he has a $50,000 basis, in return for a 40% partnership interest. During the year, the partnership borrows $100,000. The $100,000 is the partnership's sole liability. The partnership has no income during the year, What is Jim's basis in the partnership at year end?
Group of answer choices
$150,000
$100,000
$90,000
$50,000
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