Business
Business, 14.04.2020 16:10, ehsaangaminglegend

Binita contributed property with a basis of $40,000 and a value of $50,000 to the BE Partnership in exchange for a 20% interest in partnership capital and profits. During the first year of partnership operations, BE had net taxable income of $30,000 and tax exempt interest income of $10,000. The partnership distributed $10,000 cash to Binita. Her adjusted basis (outside basis) for her partnership interest at year-end is:

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Binita contributed property with a basis of $40,000 and a value of $50,000 to the BE Partnership in...

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