Required information Problem 20-37(LO 20-2)(Algo) [The following information applies to the questions...

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Accounting

Required information
Problem 20-37(LO 20-2)(Algo)
[The following information applies to the questions displayed below.]
Joseph contributed $44,500 in cash and equipment with a tax basis of $11,900 and a fair market value of $14,000 to Berry
Hill Partnership in exchange for a partnership interest.
Problem 20-37 Part a (Algo)
a. What is Joseph's tax basis in his partnership interest?
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