Review the following scenario. Then, choose the response that correctly completes the last sentence. Sarah...
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Accounting
Review the following scenario. Then, choose the response that correctly completes the last sentence. Sarah owns a 50% interest in The Kid's Playroom, a partnership. She contributed a computer system with a fair market value of $15,000 and an adjusted basis of $10,000 to the partnership. Neither Sarah nor the partnership recognized any gain when the property was contributed. As a result of this contribution, Sarah's tax capital account and book capital account balances increase by: Tax acoount. $15,000; book account, $10,000. Tax account, $10,000; book account, $15,000. . Tax account, $7,500; book account, $5,000. Tax account, $5,000; book account, $7,500
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