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Rashad Contributes a Machine Having a Basis of $30,000 and an FMV

question 46

Multiple Choice

Rashad contributes a machine having a basis of $30,000 and an FMV of $25,000 to a partnership in exchange for a 20% interest in partnership capital, profits, and losses. Prior to the contribution, the partnership had recourse liabilities of $20,000. The partnership assumes a $20,000 recourse liability that is owed by Rashad on the machine. Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Rashad's basis in his partnership interest is

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Definitions:

Economic Development

The process of improving the economic well-being and quality of life of a community or nation, often through industrial, social, and infrastructural enhancements.

Health

A state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Education

The systematic process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits.

Industrial Policy

Governmental initiatives aimed at improving the competitive stance and capabilities of domestic industries and encouraging economic development.