Question: Please help ASAP!!! Tim, AI, and Pat contributed assets to form the equal TAP Partnership. Tim contributed cash of $40,000 and land with a basis
Please help ASAP!!! Tim, AI, and Pat contributed assets to form the equal TAP Partnership. Tim contributed cash of $40,000 and land with a basis of $80,000 (fair market value of $60,000). Al contributed cash of S60,000 and land with a basis of $50,000 (fair market value of $40,000). Pat contributed cash of $60,000 and a fully depreciated property (so basis valued at $40,000. Answer the following: a. Tim's basis in his partnership interest is $__ b. Al realizes a loss of __ and recognizes a loss of __. c. Pat realizes a gain of $__ and recognizes gain of $ __ d. TAP has a basis $ __ in the land Tim contributed; $ __ in the land Al contributed; and $ __ in the property Pat contributed? Sean and Robert formed the SeaRob Partnership four years ago. Because they decided the company needed some expertise in multimedia presentations, they offered Becky a 1/3 interest in partnership capital if she would come to work for the partnership. She will also receive a 25% interest in future partnership profits. On July 1 of the current year, the unrestricted partnership capital interest (fair market value of $25,000) was transferred to Becky. How should Becky treat the receipt of the partnership interest in the current year
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