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On April 4,2013,Joan Contributes Business Equipment (She Had Purchased on October

Question 78

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On April 4,2013,Joan contributes business equipment (she had purchased on October 23,2010) 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 4,2013,Joan contributes business equipment (she had purchased on October 23,2010) 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 4,2013,Joan contributes business equipment (she had purchased on October 23,2010) 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 4,2013,Joan contributes business equipment (she had purchased on October 23,2010) 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 4,2013,Joan contributes business equipment (she had purchased on October 23,2010) 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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