Lee, Brad, and Rick form the LBR Partnership on January 1 of the current year. In return

Question:

Lee, Brad, and Rick form the LBR on January 1 of the current year. In return for a 25% interest, Lee transfers property (basis of $15,000, fair market value of $17,500) subject to a nonrecourse liability of $10,000. The liability is assumed by the Brad transfers property (basis of $16,000, fair market value of $7,500) for a 25% interest, and Rick transfers cash of $15,000 for the remaining 50% interest.
a. How much gain must Lee recognize on the transfer?
b. What is Lee's basis in his interest in the How much loss may Brad recognize on the transfer?
d. What is Brad's basis in his interest in the What is Rick's basis in his interest in the What basis does the LBR take in the property transferred by Lee?
g. What is the partnership's basis in the property transferred by Brad?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...