Callie contributes the following assets to a partnership in exchange for a 30% partnership interest:
$\begin{array}{llll}&FMV&\text { Basis }\
\text { Cash } & \$ 40,000 & \$ 40,000\
\text { Computers } & \$ 15,000 & \$7,000 \
\text { Equipment } & \$ 25,000 & \$15,000
\end{array}$ What is Callie's beginning basis in her partnership interest?

Question

Callie contributes the following assets to a partnership in exchange for a 30% partnership interest:
 $\begin{array}{llll}&FMV&\text { Basis }\
\text { Cash } & \$  40,000 & \$ 40,000\
\text { Computers } & \$  15,000 & \$7,000 \
\text { Equipment } & \$  25,000 & \$15,000
\end{array}$ What is Callie's beginning basis in her partnership interest?

Quizplus · Accepted Answer

The Answer of Callie contributes the following assets to a partnership in exchange for a 30% partnership interest:
 $\begin{array}{llll}&FMV&\text { Basis }\
\text { Cash } & \$  40,000 & \$ 40,000\
\text { Computers } & \$  15,000 & \$7,000 \
\text { Equipment } & \$  25,000 & \$15,000
\end{array}$ What is Callie's beginning basis in her partnership interest?

Callie Contributes the Following Assets to a Partnership in Exchange