When property formerly used by a partner for personal purposes is contributed by the partner...
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Accounting
When property formerly used by a partner for personal purposes is contributed by the partner to the partnership which converts it to business or investment use, the partnership takes as its basis in the property for computing depreciation
a. the propertys fair market value at date of contribution.
b. the lower of the partners adjusted basis in the property or the propertys fair market value at date of contribution.
c. the partners adjusted basis in the property.
d. none of the above.
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