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Sheena Maskell Sheena Maskell
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7 years ago
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.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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7 years ago
Really helped
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