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Question Content Area On January 1, 2021 David contributed $25,000 cash and building with a...

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Accounting

Question Content Area

On January 1, 2021 David contributed $25,000 cash and building with a basis of $100,000 and a FMV of $165,000 in exchange for 50% interest in partnership XYZ LLC. XYZ had the following activty for 2021:

Ordinary Income: $140,000

Operating expenses: $60,000

Interest Income: $10,000

Nondeductible Expenses: 5,000

What is David's outside basis in XYZ LLC on December 31, 2021?

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