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Author Question: Etta transfers property with an adjusted basis of $60,000 in exchange for a 50% partnership ... (Read 39 times)

penguins

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on: Sep 13, 2020

Question 1

An accounting partnership can become an electing large partnership as long as it has at least 100 partners and files the appropriate election.
◦ true
◦ false

Question 2

Etta transfers property with an adjusted basis of $60,000 in exchange for a 50% partnership interest. The property is subject to a $70,000 mortgage which the partnership will assume. The partnership has no other liabilities. Etta will recognize a $10,000 gain on the exchange due to the negative basis limitation.
◦ true
◦ false
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by penguins on Sep 13, 2020

Melissahxx

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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penguins

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

bassamabas

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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