On April 18, 20X8, Robert sold his 35 percent partnership interest in Fruit Wonder, LLC, to Richard for $110,000. Prior to selling his interest, Robert had a basis in Fruit Wonder of $70,000. Robert's basis included $25,000 of recourse debt and $5,000 of nonrecourse debt that had been allocated to him. Immediately after the purchase, what is Richard's tax basis in Fruit Wonder?

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The Answer of On April 18, 20X8, Robert sold his 35 percent partnership interest in Fruit Wonder, LLC, to Richard for $110,000. Prior to selling his interest, Robert had a basis in Fruit Wonder of $70,000. Robert's basis included $25,000 of recourse debt and $5,000 of nonrecourse debt that had been allocated to him. Immediately after the purchase, what is Richard's tax basis in Fruit Wonder?

On April 18, 20X8, Robert Sold His 35 Percent Partnership