Stevie and Lindsey form a partnership. Stevie contributed musical equipment that she has held for...
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Accounting
- Stevie and Lindsey form a partnership. Stevie contributed musical equipment that she has held for many years with a fair market value of $335,000; her tax basis in the equipment was $100,000. She received a partnership interest (capital and profits interest) of 50%. What is her tax basis in the partnership interest that she received? Since she just acquired the partnership interest, is it a short-term or long-term asset to her. What is the tax basis of the equipment to the partnership? Explain your conclusions.
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