Solved: Burts adjusted basis for his interest in the cobra, Accounting Basics

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Burts adjusted basis for his interest in the cobra

Question - Burt's adjusted basis for his interest in the Cobra Partnership was $6,000 at the time he made a contribution of land. The parcel of land had an adjusted basis of $7,000 and a fair market value of $10,000 to Cobra. Following the contribution, what is Burt's tax basis in his partnership interest?

a. $10,000

b. $16,000

c. $6,000

d. $13,000

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Accounting Basics: Burts adjusted basis for his interest in the cobra

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