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Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner, for $43,500 of cash. The PPZ Partnership has borrowed $14,500 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest?
a. $47,200.
b. $14,000.
c. $57,000.
d. $52.800.
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Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner, for $43,500 o...
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