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Liz and John formed the equal LJ Partnership on January 1 of the current year. Liz contributed $80,000 of cash and land with a fair market value of $90,000 and an adjusted basis of $75,000. John contributed equipment with a fair market value of $170,000 and an adjusted basis of $20,000. John had previously used the equipment in his sole proprietorship. What bases will Liz and John take in their partnership interests?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91579164

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