Partners W, X, Y, and Z form the Ace partnership, contributing the following: Interest W 40%...
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Partners W, X, Y, and Z form the Ace partnership, contributing the following: Interest W 40% X 40% Y 10% Z 10% Basis FMV Liability Prop. 1$40,000 $200,000 $160,000 Prop. 2 $120,000 $60,000 $20,000 Prop. 3 $10,000 $70,000 $60,000 Prop. 4 $30,000 $20,000 $10,000 How much is each partner's basis in their partnership interest? How much is each partner's book capital account under Treas. Reg 1.704-1(b)(2)(iv)? What is each property's basis to the partnership (assume that a Code Sec. 754 election is not in effect)? Partners W, X, Y, and Z form the Ace partnership, contributing the following: Interest W 40% X 40% Y 10% Z 10% Basis FMV Liability Prop. 1$40,000 $200,000 $160,000 Prop. 2 $120,000 $60,000 $20,000 Prop. 3 $10,000 $70,000 $60,000 Prop. 4 $30,000 $20,000 $10,000 How much is each partner's basis in their partnership interest? How much is each partner's book capital account under Treas. Reg 1.704-1(b)(2)(iv)? What is each property's basis to the partnership (assume that a Code Sec. 754 election is not in effect)?
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