The appropriate solution of the given question "$15,000". A further explanation is provided below.
According to the question, the values are:
Partnership,
= $20,000
Cash received,
= $5,000
Adjusted basis,
= $8,000
Fair market value,
= $10,000
hence,
→ The Michael's adjusted basis in the partnership will be:
= [tex]Basis \ in \ partnership- Cash \ received[/tex]
= [tex]20,000-5,000[/tex]
= [tex]15,000[/tex] ($)
Thus the above is the right answer.
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