Business, 20.09.2019 02:50 sandrathompson7250

An equal partnership is formed by rita and gerry. rita contributes cash of $10,000 and a building with a fair market value of $150,000, adjusted basis of $55,000 and subject to a liability of $60,000. gerry contributes cash of $100,000. what is the partnership's basis in the building contributed by rita?
a. $55,000
b. $60,000
c. $90,000
d. $150,000
e. none of the above

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An equal partnership is formed by rita and gerry. rita contributes cash of $10,000 and a building wi...

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