Julie and Kate form an equal partnership during the current year. Julie contributes cash of $200,000, and
Fantastic news! We've Found the answer you've been seeking!
Question:
Julie and Kate form an equal partnership during the current year. Julie contributes cash of $200,000, and Kate contributes property (adjusted basis of $90,000, fair market value of $260,000). The property was subject to a liability of $60,000 that is now assumed by the partnership. As a result of these transactions, Kate has a basis in her partnership interest of $120,000.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: