George and Martha Formed a Partnership by Each Contributing $5,000

question 32

Multiple Choice

George and Martha formed a partnership by each contributing $5,000 cash.The partnership then borrowed another $60,000 to finance its operations.If George and Martha are both general partners,compute each partner's initial basis in his/her partnership interest.

• A)$5,000
• B)$65,000
• C)$35,000
• D)$0

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