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IceJOKER [234]
3 years ago
7

8.Kline and Salomon form the KS Partnership as 50/50 partners. Kline contributes equipment that has a fair market value of $60,0

00 and an adjusted basis of $45,000. In addition, the equipment is subject to a $10,000 loan that KS Partnership is assuming. What amount represents Kline's initial basis in the partnership
Business
1 answer:
mojhsa [17]3 years ago
5 0

Answer: $40,000

Explanation:

Kline brings in equipment that is worth $60,000 but has a basis of $45,000.

The equipment however is subject to a loan of $10,000.

This loan will have to be deducted from the basis. The partnership however is assuming the loan and Kline is only 50% liable in the partnership so Kline's basis will only be affected by half of the loan.

Basis = 45,000 - 5,000

= $40,000

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