Business, 20.10.2020 16:01 KallMeh

Olivia, Kyle, and Andy formed a partnership in which they share all things equally. Kyle contributed an asset on which there is a liability of $22,500, which was assumed by the partnership. Kyle's AB in the asset he contributed was $16,000 and the FMV of the asset on the date of contribution was $60,000. What is Kyle's outside basis immediately after the contribution

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Olivia, Kyle, and Andy formed a partnership in which they share all things equally. Kyle contributed...

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