acc_400_week_2_individual_question...

May 15th, 2015
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acc_400_week_2_individual_question...

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Ch.1448.A partner contributes property to a partnership; the basis of the property carries over to the partnership (outside basis). This concept is known as basis in, basis out. So, Denises beginning basis should be: BasisCash$ 20,000Office equipment$ 5,000Auto$ 6,000Partnership Basis$ 31,00049. A. what is Pattis basis in her partnership interest?The basis for her partnership interest will be $45,000.B. What is Pattis holding period of her partnership interest?The holding period of the partnership interest includes the partners holding period for the 1232 assets contributed. The holding period starts the day after the taxpayer acquired the property and includes the day the property is sold. Three year is holding period - the same as the equipment in the hands of the partner.C. What is the basis of the equipment in the hands of th

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