Landon and Sappho created a 50/50 partnership. Landon brought $80,000 cash and a store worth $200,000...

   

Transcribed Image Text:

Landon and Sappho created a 50/50 partnership. Landon brought $80,000 cash and a store worth $200,000 (adjusted basis $110,000, loan due of $30,000). Sappho transferred equipment worth $330,000 (adjusted basis $240,000, with a note payable of $80,000). The debts are both nonrecourse. Landon's at-risk basis in this partnership is -? Landon and Sappho created a 50/50 partnership. Landon brought $80,000 cash and a store worth $200,000 (adjusted basis $110,000, loan due of $30,000). Sappho transferred equipment worth $330,000 (adjusted basis $240,000, with a note payable of $80,000). The debts are both nonrecourse. Landon's at-risk basis in this partnership is -?

Answer rating: 100% (QA)

To calculate Landons atrisk basis in the partnership ... View the full answer