Mel transferred property used in a sole proprietorship to the HIJ partnership in exchange for...
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Accounting
Mel transferred property used in a sole proprietorship to the HIJ partnership in exchange for a one-fourth interest. The property had an original cost of $60,000, an adjusted tax basis to Mel of $40,000, and a fair market value of $55,000. The partnership has no liabilities.
What is the amount of the contributing partner's basis in the partnership interest?
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