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sergiy2304 [10]
3 years ago
14

Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of

$120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building.
What is Alpha's basis in the building?

a. $0b. $30,000c. $50,000d. $84,000
Business
1 answer:
Gre4nikov [31]3 years ago
6 0

Answer:

Correct option is C.

<u>$50,000</u>

Explanation:

Alpha's basis in the building is equal to the adjusted basis of the building.

30% of $150,000= $50,000

and the Adjusted basis= $50,000(given)

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