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Business, 17.03.2020 22:26 natetheman7740
In return for a 20% partnership interest, Skinner contributed $5,000 cash and land with a $12,000 basis and a $20,000 fair market value to the partnership. The land was subject to a $10,000 mortgage that the partnership assumed. In addition, the partnership had $20,000 in recourse liabilities that would be shared by partners according to their partnership interests. What amount represents Skinner's basis in the partnership interest?
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In return for a 20% partnership interest, Skinner contributed $5,000 cash and land with a $12,000 ba...
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