Solved: Determine the partnership interest, Accounting Basics

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Determine the partnership interest

Response to the following problem:

Denise contributes the following assets to a partnership in exchange for a 25% partnership interest:

FMV Basis

Cash $20,000 $20,000

Office Equipment 12,000 5,000

Auto 20,000 6,000

What is Denises beginning basis in her partnership interest?

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Accounting Basics: Determine the partnership interest

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Accounting Basics: Determine the partnership interest

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