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22 September, 14:59

Eddie contributed $60,000 cash to Howling Partnership in exchange for a 50% partnership interest. Howling immediately borrowed $50,000 of debt that Eddie and the other partners had to guarantee personally based on their initial ownership interests. What is Eddie's tax basis in Howling

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  1. 22 September, 15:26
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    Answer:$85,000

    Explanation:

    Eddie adds his $60,000 contribution of cash + $25,000 (50% of the partnership's debt that he is personally liable for) = $85,000.
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Home » Business » Eddie contributed $60,000 cash to Howling Partnership in exchange for a 50% partnership interest. Howling immediately borrowed $50,000 of debt that Eddie and the other partners had to guarantee personally based on their initial ownership interests.
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