Prepare the BEGINNING of year INSIDE (TAX) BASIS balance sheet for the PARTNERSHIP for YEAR ONE FACTS:

Prepare the BEGINNING of year INSIDE (TAX) BASIS balance sheet for the PARTNERSHIP for YEAR ONE

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FACTS: Ordinary Income Tax Exempt Income Charitable Contributions Capital Loss Partner A B $ $ $ Partnership Operations Year One Assume net income is kept in the partnership to fund operations $ 55 Asset Cash Land 648,000 2,200 (13,800) (3,300) YEAR ONE $ 633,100 FMV 400,000 $ Basis 400,000 $ $ 400,000 $ 230,000 $ 800,000 $ 630,000 Ownership Percentage 50% 50% 100% FACTS: Ordinary Income Tax Exempt Income Charitable Contributions Capital Loss Partner A B $ $ $ Partnership Operations Year One Assume net income is kept in the partnership to fund operations $ 55 Asset Cash Land 648,000 2,200 (13,800) (3,300) YEAR ONE $ 633,100 FMV 400,000 $ Basis 400,000 $ $ 400,000 $ 230,000 $ 800,000 $ 630,000 Ownership Percentage 50% 50% 100%