Question: Kevan, Jerry, and Dave formed Albee LLC , with each member receiving a one - third capital and profits interest. Jerry and Dave each contributed

Kevan, Jerry, and Dave formed Albee LLC, with each member
receiving a one-third capital and profits interest. Jerry and Dave
each contributed $245,000 in cash. Kevan contributed the following
assets and his nonrecourse debt on the land contributed is
$210,000 :
What is Kevan's outside tax basis in his LLC interest?
What outside tax basis do Jerry and Dave have in their LLC
interests? Albee's tax basis in its assets?
How much gain or loss will Jerry, Dave, and Kevan recognize?
Kevan, Jerry, and Dave formed Albee LLC, with each member receiving

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Upon hearing that Ross White (see Problems 6-27 and 6-28) is considering producing the brackets in-house, the vendor has notified Ross that the purchase price would drop from $15 per bracket to $...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Fair Market Basis Value Kevan : Cash $ 15, 000 $ 15, 000 Land* 120,...

Q:

Taxation pass thru business entities Please show how you got the answer. Thank you in advance Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash Land* $ 15,000 120,000 $135,000...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $ 15,000 $ 15,000 Land* 120,000...

Q:

Kevan, Jerry, and Dave formed Albee LLC . Jerry and Dave each contributed $ 2 4 5 , 0 0 0 in cash. Kevan contributed the following assets: Basis Fair Market Value "Nonrecourse liability secured by...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: Basis Fair Market Value Cash $ 15,000 $ 15,000 Land* 120,000...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245, 000 in cash. Kevan contributed the following assets: Nonrecourse debt seeded by the land equals $210, 000 Each member...

Q:

Kevan, Jerry, and Dave formed Albee LLC . Jerry and Dave each contributed $ 2 4 5 , 0 0 0 in cash. Kevan contributed the following assets: "Nonrecourse liability secured by the land equals $ 2 1 0 ,...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: _______________Basis Fair __________Market Value...

Q:

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: _______________Basis Fair __________Market Value...

Q:

First here is given sample of Quality Audits of M&E. Read and observe it carefully after seeing this construct a similar quality audit for the organization and choose the university as your...

Q:

1. Identify each molecule as Chiral or Achiral and write the number of Asymmetric carbons present in each chiral molecules. A) CH,CH,C HCHCHCH,C H, 1. CH3 CH,CH, OH CH 3 B) CH3C HCH CHCHCH2CH 3 CH 3...

Q:

Mc Graw Biil 0 of 1 1 Concepts completed ( i ) True or False Question True or false: Assurance services can include almost any service provided by accounting professionals that involves capturing...

Q:

Refer to the following figure, if VCE(sat) = 0.1 V, the value of IB that will put the transistor in to saturation is equal to -------. 10 V 4.7 kn VEN Poc 200 1.2 Ma O a. 1.0532 A O b. 5.532A O C.0.5...

Q:

2. provide a mechanism for tle following sequence Etz0 Me HQ OH z) AICI3

Q:

Refer to the following figure. If IB = 75 A BDC = 100, VCC = 20 V, and RC = 1.5 ko the value of VCE is equal to - Re Vec O a. O V O b. 20 V O.11.25 V O d. 8.75 V

Q:

Refer to the following figure, if VCE(sat) = 0.1 V, IC(sat) is equal to - 10 V 4.7 kn Re VIN Poc- 200 1.2 MO a. 1.0664 mA O b. 2.1064 mA O c. 0.5 mA O d. 7.5 mA

Q:

Refer to the following figure .The value of BDC is equal to--- Vcc +12 V Rc 1.2 kn Ve- 6 V Re 226 kn O a. 53 b. 94 OC. 5.3 O d. 100

Q:

You are in charge of organizing a big fundraiser - you are super excited, but also very nervous. This is the first time you were trusted with such a big project. You know from your project management...

Q:

Using any search engine, search the phrase Gen Z. Access each of the top 3 entries and create a list of 5 ways Gen Zs are described. Does the description sound like people you know in this...

Q:

What can an organization do to ensure that its HR department plays a vital and effective role in its operations?

Q:

How do effective HRM systems, practices, and polices enable employees and employers to work toward the same goals?