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30 March, 21:40

On July 1 of the current year, Bertram acquired a 25 percent interest in Sycamore Company, a partnership, by contributing property with an adjusted basis of $7,000 and a fair market value of $12,000. The property was subject to a mortgage of $8,000, which was assumed by Sycamore Company. What is Bertram's basis in his partnership interest in Sycamore Company immediately after the partnership contribution? a. $12,000

b. $1,000

c. $7,000

d. $0

e. None of these choices are correct

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Answers (1)
  1. 30 March, 23:49
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    b. $1,000
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