Multiple Choice
Alice contributes equipment fair market value of $82,000; adjusted basis of $20,000) , subject to a $14,000 liability, to form Orange Partnership, a general partnership. Mary contributes $68,000 cash. Alice and Mary share equally in partnership profits and losses. What is Alice's and Mary's basis for their partnership interests?
A) $6,000 to Alice, $68,000 to Mary.
B) $6,000 to Alice, $75,000 to Mary.
C) $13,000 to Alice, $75,000 to Mary.
D) $20,000 to Alice, $68,000 to Mary.
Correct Answer:
Verified
Correct Answer:
Verified
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