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Title: Emma contributes property having a $24,000 FMV and a $15,000 adjusted basis and also renders legal ... Post by: Sheena Maskell on Jan 11, 2017 Emma contributes property having a $24,000 FMV and a $15,000 adjusted basis and also renders legal services valued at $22,000 in exchange for a 30% interest in the capital and profits of the ABC partnership. The tax results to Emma will be
A) no income is recognized and a partnership basis of $37,000. B) ordinary income of $22,000 and a partnership basis of $37,000. C) ordinary income of $22,000 and a partnership basis of $46,000. D) no income is recognized and a partnership basis of $46,000. Title: Re: Emma contributes property having a $24,000 FMV and a $15,000 adjusted basis and also renders ... Post by: MsLippy on Jan 11, 2017 Content hidden
Title: Re: Emma contributes property having a $24,000 FMV and a $15,000 adjusted basis and also renders legal ... Post by: Sheena Maskell on Mar 20, 2017 Really helped
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