Sophie Received a 30 Percent Interest in a General Partnership

question 77

Multiple Choice

Sophie received a 30 percent interest in a general partnership in exchange for property valued at $35,000 (adjusted basis = $25,000) and services valued at $5,000.In addition, the partnership assumed the $10,000 liability on the property.What is Sophie's basis in her partnership interest?

• A)$20,000
• B)$23,000
• C)$25,000
• D)$39,000

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