Ana contributed land purchased four years ago and previously used in her sole proprietorship to Elm, a
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Ana contributed land purchased four years ago and previously used in her sole proprietorship to Elm, a general partnership. The land had an adjusted basis of $50,000 to Ana and a fair market value of $30,000. In exchange for her contribution, Ana received a 10 percent capital and profits interest in Elm. The partnership has a $60,000 mortgage (nonrecourse debt) securing its warehouse, but otherwise has no debt.
What is Ana's beginning basis in her partnership interest?
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date: