Jones and Smith Formed a Partnership with Each Partner Contributing

question 12

Multiple Choice

Jones and Smith formed a partnership with each partner contributing the following items: Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.
Refer to the above information. What is each partner's tax basis in the Jones and Smith partnership?

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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