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Zinc, LP was formed on August 1, 20X9. When the partnership was formed, Al contributed $10,000 in cash and inventory with a FMV and tax basis of $40,000. In addition, Bill contributed equipment with a FMV of $30,000 and adjusted basis of $25,000 along with accounts receivable with a FMV and tax basis of $20,000. Also, Chad contributed land with a FMV of $50,000 and tax basis of $35,000. Finally, Dave contributed a machine, secured by $35,000 of debt, with a FMV of $15,000 and a tax basis of $10,000. What is the total inside basis of all the assets contributed to Zinc, LP?
Proved Reserves
Proved reserves are quantities of natural resources, such as oil or natural gas, which have been discovered and are considered recoverable under current economic and operational conditions.
Petroleum
A naturally occurring liquid found beneath the Earth's surface that can be refined into fuel and other products.
Recovered
A state of having improved from or overcome adversity, illness, or a downturn.
Proved Reserves
The quantity of natural resources, such as oil or gas, that can be technically and economically viable to extract under current conditions.
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