48. Denise contributes the following assets to a partnership in exchange for a 25% partnership interest:
FMV Basis
Cash $20,000 20,000
Office equipment 12,000 5,000
Auto 20,000 6,000
What is Denise’s beginning basis in her partnership interest?
Click here for the solution: Denise contributes the following assets to a partnership in exchange for a 25% partnership interest
