Dewey and Louie agree to combine their sole proprietorships into one business.They will be equal partners in the Dewlou Diner.Dewey will contribute a building worth $100,000 (adjusted basis of $80,000),and $10,000 in cash.Louie will contribute inventory worth $80,000 (adjusted basis of $85,000)and $30,000 cash.What are Dewey and Louie's basis in the partnership?
$\begin{array}{ll}
\text { Dewey } & \text { Louie } \
a.\$ 80,000 & \$ 85,000 \
b.\$ 90,000 & \$ 115,000 \
c.\$ 90,000 & \$ 110,000 \
d.\$ 110,000 & \$ 110,000
\end{array}$

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The Answer of Dewey and Louie agree to combine their sole proprietorships into one business.They will be equal partners in the Dewlou Diner.Dewey will contribute a building worth $100,000 (adjusted basis of $80,000),and $10,000 in cash.Louie will contribute inventory worth $80,000 (adjusted basis of $85,000)and $30,000 cash.What are Dewey and Louie's basis in the partnership?
$\begin{array}{ll}
\text { Dewey } & \text { Louie } \
a.\$ 80,000 & \$ 85,000 \
b.\$ 90,000 & \$ 115,000 \
c.\$ 90,000 & \$ 110,000 \
d.\$ 110,000 & \$ 110,000
\end{array}$

Dewey and Louie Agree to Combine Their Sole Proprietorships into One