Business, 06.04.2021 04:30 bluepanda21

On January 1 of the current year, the Pizza Partnership was formed. Tony acquired a 25% share in the partnership by contributing both an oven that had an adjusted basis to him of $10,000 and $5,000 in cash. The oven was subject to a $2,000 liability. During the year, the partnership also incurred a $20,000 nonrecourse loan and paid off the entire $2,000 liability attached to the oven. There are no guarantees or loss limitation agreements associated with the nonrecourse loan. Operations for the current year resulted in a $2,000 ordinary loss. What is Tony’s basis in the partnership at the end of the current year?

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On January 1 of the current year, the Pizza Partnership was formed. Tony acquired a 25% share in the...

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