A and B form an equal partnership, AB partnership, with A contributing stock worth a value of $10,000 and a basis of $10,000, as well as land with a value of $10,000 and a basis of $7,000. B contributes accounts receivable (which resulted from their business) with a value of $20,000 (B was on a cash basis). 

Describe the consequences to A, B, and the AB partnership as a result of these contributions. 

A has a tax year ending May 31, and B has a tax year ending August 31. What will be the taxable year of this partnership?

Answer rating: 100% (QA)

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