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Business, 07.04.2020 18:43 kevincaleb1

On January 1, 2019, Zena contributes property with a fair market value of $70,000 and an adjusted basis of $52,000, as well as legal services worth $8,000, to XYZ Partnership. Zena purchased the property on October 13, 2013. What is the partnership’s basis in the property?

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On January 1, 2019, Zena contributes property with a fair market value of $70,000 and an adjusted ba...
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