Partner A of the equal general ABCD partnership contributes property (FMV = $200,000, basis = $20,000, associated
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Partner A of the equal general ABCD partnership contributes property (FMV = $200,000, basis = $20,000, associated liability = $120,000), to the partnership. A's basis in her partnership interest before the contribution (including A's share of the partnership liabilities) is $30,000, and the partnership has liabilities of $80,000. The other partners also contribute property, so A's interest in the partnership does not change.
What is A's gain or loss, if any, on the contribution? What is A's basis in the partnership after the contribution?
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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