Joseph contributed $46,500 in cash and equipment with a tax basis of $12,300 and a...
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Accounting
Joseph contributed $46,500 in cash and equipment with a tax basis of $12,300 and a fair market value of $20,600 to Berry Hill Partnership in exchange for a partnership interest.
A. What is Josephs Tax Basis in the Partnership?
B. What is Berry Hill's basis in the equipment?
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