Patrick purchases a one-third interest in the PPP partnership for $600,000. The partnership has assets with a value of $1,500,000. PPP has a 754 election in effect. What is the amount of the basis adjustment?

A) $0
B) $300,000 increase in the basis of partnership assets
C) $100,000 increase in Patrick's basis in the partnership assets
D) $100,000 increase in Patrick's share of the basis in the partnership assets


D) $100,000 increase in Patrick's share of the basis in the partnership assets

Business

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A decline in the availability of bicycle handle bars will decrease Huffy Bicycle Company's production of bicycles. This decreased production in turn will reduce Huffy's demand for bicycle seats. This scenario illustrates_____ demand

a. inelastic b. joint c. elastic d. fluctuating

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If an assignment problem consists of 6 workers and 7 projects:

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