On January 1, 2021, David contributed $25,000 cash and building with a basis of $100,000 and an
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On January 1, 2021, David contributed $25,000 cash and building with a basis of $100,000 and an FMV of $165,000 in exchange for 50% interest in partnership XYZ LLC. XYZ had the following activity for 2021:
Ordinary Income: $140,000
Operating expenses: $60,000
Interest Income: $10,000
Nondeductible Expenses: 5,000
What is David's outside basis in XYZ LLC on December 31, 2021?
232,500
170,000
167,500
210,000
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