Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $490 and adjusted basis of $350. The store had a profit of $60,000 at the end of the year. What is Jerry's partnership basis in the bookstore at the end of the year?
A - $23,000
B - $23,300
C - $23,350
D - $23,490
+5
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $490 and ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $490 and adjusted basis of $350. The store had a profit of $60,000 at the end of the year.