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On April 5, 2018, Joan Contributes Business Equipment (She Had

Question 1179

Multiple Choice

On April 5, 2018, Joan contributes business equipment (she had purchased on October 24, 2015) having a $45,000 FMV and a $40,000 adjusted basis to the EJK Partnership in exchange for a 25% interest in the capital and profits. The basis of the property and the date the holding period begins for the partnership is


A) On April 5, 2018, Joan contributes business equipment (she had purchased on October 24, 2015) having a $45,000 FMV and a $40,000 adjusted basis to the EJK Partnership in exchange for a 25% interest in the capital and profits. The basis of the property and the date the holding period begins for the partnership is A) B) C) D)
B) On April 5, 2018, Joan contributes business equipment (she had purchased on October 24, 2015) having a $45,000 FMV and a $40,000 adjusted basis to the EJK Partnership in exchange for a 25% interest in the capital and profits. The basis of the property and the date the holding period begins for the partnership is A) B) C) D)
C) On April 5, 2018, Joan contributes business equipment (she had purchased on October 24, 2015) having a $45,000 FMV and a $40,000 adjusted basis to the EJK Partnership in exchange for a 25% interest in the capital and profits. The basis of the property and the date the holding period begins for the partnership is A) B) C) D)
D) On April 5, 2018, Joan contributes business equipment (she had purchased on October 24, 2015) having a $45,000 FMV and a $40,000 adjusted basis to the EJK Partnership in exchange for a 25% interest in the capital and profits. The basis of the property and the date the holding period begins for the partnership is A) B) C) D)

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