The following information pertains to property contributed by Gray on July 1, 2015, for 40% interest in the capital and profits of Kag & Gray, a partnership: As of June 30,2015 Adjusted basis: $24,000 Fair market value: $30,000 After Grays
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On January 1, Year 1, Ballard company purchased a machine for $36,000. On January 1, Year 2, the company spent $11,000 to improve its quality. The machine had a $6,000 salvage value and a 6-year life, which are unchanged.
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