Partner A contributes a building to the AB Partnership that is worth $70,000. There is...
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Partner A contributes a building to the AB Partnership that is worth $70,000. There is a mortgage of $20,000 on the building, that A is contributing to AB along with the building. An adjusted basis in the building is $35,000 (A purchased the building several years ago for $45,000 and A has deducted $10,000 of depreciation). B contributed $50,000 of cash to the AB Partnership. Prepare the Tax and Book Basis Adjusting Journal Entries (AJE's) for the contribution of the assets to AB.
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