Jaylan and casper are equal partners in J&C racoon hats. Jaylan contributed 12000 and casper contributed inventory with a FMV of 12000 and an adjusted basis of 10000. What is each partnership basis

The question continues; Which of the following is true;

Jaylan basis in the partnership is $12,00 and Caspers is 10,000

Jaylan and Casper each have a basis in the partnership of 12,000

Jaylan will have a larger share of the profits than Casper

The first and third answers are both correct

Answer; Jaylan and Casper each have a basis in the partnership of 12,000

Step-by-step explanation:

Both Jaylan and casper will have a partnership basis of $12,000, it was mentioned initially in the question that (Jaylan and casper are equal partners in J&C racoon hats), equal partners implies both Jaylan and casper with have equal profit and equal losses as the case maybe Irrespective of the amount each contributed. Hence Jaylan and Casper each have a basis in the partnership of 12,000.