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27 October, 04:19

On May 1, Melany contributed $7,000 and property, with an adjusted basis of $9,500 and a FMV of $11,500, for a 15% share of partnership Joseph's Jamboree. What is her beginning basis

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  1. 27 October, 04:40
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    her beginning basis is $16500.

    Explanation:

    basis of partnership

    = money contributed + adjusted basis of equipment contributed

    = $7000 + $9500

    = $16500

    Therefore, her beginning basis is $16500.
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