when a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their a.book values on the partners' books prior to their being contributed to the partnership b.fair market value at the time of the contribution c.assessed values for property tax purposes d.original costs to the partner contributing them

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27-10-2022
Business

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when a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their a.book values on the partners' books prior to their being contributed to the partnership b.fair market value at the time of the contribution c.assessed values for property tax purposes d.original costs to the partner contributing them

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-11-01T05:08:58-04:00

When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their fair market value at the time of the contribution.

What is fair market value?

Real estate's fair market value (FMV) is the estimated price at which a property will sell on the open market. A willing buyer and seller who are both reasonably knowledgeable about the subject property agree on the FMV.

The price at which a willing and knowledgeable buyer and seller would exchange the property is known as the fair market value. The phrase is used frequently by a number of regulatory organizations, various state laws, the Internal Revenue Code, and bankruptcy laws.

In many American jurisdictions, a hearing is held to assess the fair market value in a lawsuit. Even though the borrowers or the loans' guarantors abandoned their rights to a fair market hearing in the loan contracts, fair market hearings must be held in some jurisdictions.

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