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Kelly receives her 20% partnership interest for a contribution of property having a $14,000 basis and a $17,000 FMV. The partnership assumes her $10,000 recourse liability but has no other debts. The partners share the economic risk of loss from recourse liabilities according to their partnership interests. What is Kelly's basis for her partnership interest?

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Accounting Basics, Accounting

Category:- Accounting Basics
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