Jamie decides to contribute cash and property to a partnership she and her friends started.She contributes a building worth $260,000 that she purchased for $100,000 and she also contributes $40,000 in cash.What is her basis in the partnership?

Question

Quizplus · Accepted Answer

Jamie's basis in the partnership is the sum of her adjusted basis in the contributed property ($100,000) and the cash contributed ($40,000), totaling $140,000.

Jamie Decides to Contribute Cash and Property to a Partnership