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Irina18 [472]
3 years ago
8

An equal partnership is formed by rita and gerry. rita contributes cash of $10,000 and a building with a fair market value of $1

50,000, adjusted basis of $55,000 and subject to a liability of $60,000. gerry contributes cash of $100,000. what is the partnership's basis in the building contributed by rita?
a. $55,000
b. $60,000
c. $90,000
d. $150,000
e. none of the above
Business
1 answer:
wariber [46]3 years ago
4 0
Given:
<span>Rita contribution:
cash of $10,000
building with a fair market value of $150,000, adjusted basis of $55,000 and subject to a liability of $60,000

</span><span>Gerry contribution:
cash of $100,000
</span>
<span>The partnership's basis in the building contributed by Rita is a. $55,000.

The amount corresponds to the adjusted basis. It is already the adjusted value of the building after the fair market value and the corresponding liabilities have been considered in the computation of the adjusted building value.</span>
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Answer:

$3,700

Explanation:

Given that

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Based on the given information, Russ and Linda's total child and other dependent credit for the year 2019 is

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2 years ago
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If taxpayers are married and living together at the end of the year, they must file a joint tax return. True False
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A manufacturer has monthly cost of 60,000 and a production cost of 10$ for each unit produced. The product sells for $15/unit.
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Answer:

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4 0
2 years ago
Read 2 more answers
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