Alpha, Beta, and Gamma form the ABG partnership by transferring the following to the partnership: Alpha............$10,000 cash

Question:

Alpha, Beta, and Gamma form the ABG by transferring the following to the cash and machinery valued at $20,000 with a basis of $15,000.
Beta..............Land valued at $30,000 with a basis of $35,000.
Gamma..........Cash of $20,000 and services valued at $ 10,000.
a. Determine the tax consequences of these transfers to Alpha, Beta, and Gamma.
b. Identify each of their bases in their interests.
c. What basis does the have in each of the properties transferred to it?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...