This year, Callie and Neil formed the equally owned CN LLC. Callie contributed $300,000 of cash and

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This year, Callie and Neil formed the equally owned CN LLC. Callie contributed $300,000 of cash and Neil contributed real estate valued at $450,000 (basis of $100,000). The property was subject to a nonrecourse liability of $150,000 that was assumed by the LLC. What are Neil's and Callie's bases in the LLC interest immediately after the LLC was formed? How is the debt allocated between them? Show your calculations.

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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: Jan 30, 2018 08:37 AM

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This year, Callie and Neil formed the equally owned CN LLC. Callie contributed $300,000 of cash and

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Neils and Callies bases in their LLC interests are determined as foll...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

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