Leslie Contributes a Building Worth $88,000, with an Adjusted Basis

question 8

Multiple Choice

Leslie contributes a building worth $88,000, with an adjusted basis of $40,000, to a partnership in exchange for a 50 percent interest in the partnership's capital and profits.What is the amount of Leslie's basis in her partnership interest immediately after the contribution?

• A)$20,000
• B)$40,000
• C)$44,000
• D)$88,000
• E)None of the above

---

Definitions:

The Meeting

A scheduled gathering of individuals for the purpose of discussion, decision-making, or sharing information.

Standards

Established norms or criteria against which quality or performance is measured.

Numbers

Symbols or words used to represent quantities, allowing for counting, measuring, and calculating.

Exception

A case that does not follow the general rule or is different from what is usually found or expected.