Joseph contributed $46,500 in cash and equipment with a tax basis of $


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Joseph contributed $46,500 in cash and equipment with a tax basis of $12,300 and a fair market value of $20,600 to Berry Hill Partnership in exchange for a partnership interest. a. What is Joseph's tax basis in his partnership interest? b. What is Ber

Sale price $15.00 Regular price $30.00

Joseph contributed $46,500 in cash and equipment with a tax basis
of $12,300 and a fair market value of $20,600 to Berry Hill Partnership in exchange for a partnership interest.

a. What is Joseph's tax basis in his partnership interest?

b. What is Berry Hill's basis in the equipment?

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