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liq [111]
3 years ago
10

A customer subscribes to a $10,000 limited partnership interest. The commission is $1,000. The up-front costs are $500 for legal

expenditures, and $500 for organization costs. What is the customer's beginning tax basis
Business
1 answer:
vazorg [7]3 years ago
3 0

Answer: customer's beginning tax basis =  $10,000

Explanation:

Customer's beginning tax basis are the initial cost of the partnership for commission legal and organizational fees and these are not deductible from the cost basis.

Given: A customer subscribes to a $10,000 limited partnership interest.

That means initial cost = $10,000

So, the customer's beginning tax basis =  $10,000

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7 0
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