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Kramerica Industries and Art Vandeley formed a partnership in which Kramerica is the general partner...

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Accounting

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Kramerica Industries and Art Vandeley formed a partnership in which Kramerica is the general partner and Mr. Vandelay is a limited partner. Kramerica contributed $500,000 cash, and Mr. Vandelay contributed a building with a $500,000 FMV and $300,000 tax basis. The partnership immediately borrowed $350,000 of recourse debt. What is Kramerica's tax basis in its partnership interest? Multiple Choice $850,000 O $500,000 O $675,000 O $1,200,000

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