In 2023, Kelly, Jennifer and Debra form Murphy LLC with the following contributions: Adjusted basis FMV Kelly's

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In 2023, Kelly, Jennifer and Debra form Murphy LLC with the following contributions: Adjusted basis FMV Kelly's contributions (see note 1): Land $ 600,000 $ 1,250,000 Nonrecourse liability 720,000 720,000 Jennifer's contributions (see note 2): Building $ 325,000 $ 800,000 Equipment -0- 200,000 Recourse liability 470,000 470,000 Debra's contributions (see note 3): Cash $ 350,000 $ 350,000 Accounts receivable -0- 280,000 Note payable (recourse) 100,000 100,000 Note 1: The liability contributed by Kelly is qualified nonrecourse financing (per 465) and secured by the land. Kelly held the land as a capital asset. It was purchased in 2019

Posted Date: May 18, 2024 06:07 PM

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In 2023, Kelly, Jennifer and Debra form Murphy LLC with the following contributions: Adjusted basis FMV Kelly's

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