C and D form the CD General Partnership. C has a 30 percent interest in capital, profits,
Fantastic news! We've Found the answer you've been seeking!
Question:
C and D form the CD General Partnership. C has a 30 percent interest in capital, profits, and losses; D has 70 percent. C contributes land with a fair market value of $160,000 and a mortgage balance of $70,000. He acquired the land 5 years ago for a total purchase price of $45,000. The mortgage balance, along with the land, is transferred to the partnership. D contributes $210,000 cash.
What is the partnership's basis in the land?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: