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Business, 20.08.2021 05:00 keshjdjsjs

Sharon contributed property to the newly formed QRST Partnership. The property had a $150,000 adjusted basis to Sharon and a $240,000 fair market value on the contribution date. The property was also encumbered by a $135,000 nonrecourse debt, which was transferred to the partnership on that date. Sharon is treated as a general partner. She is allocated 30% of QRST's profits. Sharon's basis in the partnership interest after the formation transaction is:

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Sharon contributed property to the newly formed QRST Partnership. The property had a $150,000 adjust...
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