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On January 1,2023, Stanley (a US individual) contributed $30,000 cash and land with a tax...

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Accounting

On January 1,2023, Stanley (a US individual) contributed $30,000 cash and land with a tax basis of $90,000 and a FMV of $155,000 in exchange for a 50% interest in Acme LP (a US partnership). During 2023, Acme incurred the following:Gross Sales: $150,000COGS: $70,000Dividend Income: $10,000Nondeductible Expenses: $5,000At the end of 2023, Stanley will have a basis in Acme LP of:$172,500$230,000$165,000$162,500

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