What are partners basis for partnership interest, Accounting Basics

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What are partners basis for partnership interest

Question: A taxpayer contributes property with an Adjusted Basis of $75,000 and a Fair Market Value of $155,000 to her business entity. If the entity is a partnership and the transaction qualifies under Section 721, the partnership's basis for the asset and the partner's basis for her partnership interest are:

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Accounting Basics: What are partners basis for partnership interest

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