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QUESTION
Sally contributes a television from her home to a newly formed accounting partnership. Sally's basis is $3,000 and the fair market value of the TV at...
51.Sally contributes a television from her home to a newly formed accounting partnership. Sally's basis is $3,000 and the fair market value of the TV at the time of the contribution is $500. Assuming Sally made no other contributions, what isSally's basis in her partnership interest?
a. $4,000 b. $3,000 c. $5,000 d. $500
