When property other than cash is invested in a partnership, at what amount should the noncash property be credited to the contributing partner's capital account

It should be credited at the amount of the fair value at the date when the property is invested in a partnership.

Explanation:

The non cash property should be credited at the amount of its fair value on the date of the investment, so if someone wants to invest their building in a partnership it will be recognized at the fair value decided between the investor and the partnership owners at the date at which it is invested.

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~courtney

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