Mr. a, mr. b, and mr. c formed a calendar-year partnership. profits and losses are to be shared equally. mr. a contributed a building to be used in the business that had an adjusted basis to him of $10,000 and a fair market value of $13,000. the partnership also assumed mr. a’s $6,000 mortgage on the building. mr. b and mr. c each contributed $4,000 in cash to the partnership’s capital. what is the partnership’s basis for determining depreciation on the building? a. $13,000 b. $4,000 c. $10,000 d. $0
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Mr. a, mr. b, and mr. c formed a calendar-year partnership. profits and losses are to be shared equa...
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