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just olya [345]
3 years ago
9

Rashad contributes a machine having a basis of​ $30,000 and an FMV of​ $25,000 to a partnership in exchange for a​ 20% interest

in partnership​ capital, profits, and losses. Prior to the​ contribution, the partnership had recourse liabilities of​ $20,000. The partnership assumes a​ $20,000 recourse liability that is owed by Rashad on the machine. Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses.​ Rashad's basis in his partnership interest is?
Business
1 answer:
lora16 [44]3 years ago
3 0

Answer:

$18,000.

Explanation:

Beginning basis (carryover from machine)

$30,000

Plus: share of partnership liabilities

4,000

Minus: liabilities assumed by others partners

(16,000)

Rashad's basis

$18,000

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