Joseph contributed $23,750 in cash and equipment with a tax basis of $13,700 and a fair...

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Joseph contributed $23,750 in cash and equipment with a tax basis of $13,700 and a fair market value of $17,400 to Berry Hill Partnership in exchange for a partnership interest. a. What is Joseph's tax basis in his partnership interest? Tax basis b. What is Berry Hill's basis in the equipment? Basis Cosmo contributed land with a fair market value of $362,500 and a tax basis of $102,000 to the Y Mountain partnership in exchange for a 30 percent profits and capital interest in the partnership. The land is secured by $142,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.) a. How much gain will Cosmo recognize from the contribution? Gain recognized b. What is Cosmo's tax basis in his partnership interest? Tax basis Joseph contributed $23,750 in cash and equipment with a tax basis of $13,700 and a fair market value of $17,400 to Berry Hill Partnership in exchange for a partnership interest. a. What is Joseph's tax basis in his partnership interest? Tax basis b. What is Berry Hill's basis in the equipment? Basis Cosmo contributed land with a fair market value of $362,500 and a tax basis of $102,000 to the Y Mountain partnership in exchange for a 30 percent profits and capital interest in the partnership. The land is secured by $142,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.) a. How much gain will Cosmo recognize from the contribution? Gain recognized b. What is Cosmo's tax basis in his partnership interest? Tax basis