(Answered) Question - steve and jim formed a partnership on january 1

Accounting

Question - Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his partnership interest?

A. $300,000

B. $400,000

C. $500,000

D. $600,000

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