Question: Problem 10-26 (Algorithmic) (LO. 3, 17) Kenisha and Shawna form the equal KS LLC, with a cash contribution of $978,000 from Kenisha and a property

Problem 10-26 (Algorithmic) (LO. 3, 17)

Kenisha and Shawna form the equal KS LLC, with a cash contribution of $978,000 from Kenisha and a property contribution (adjusted basis of $1,026,900, fair market value of $978,000) from Shawna.

If an amount is zero, enter "0".

a.How much gain or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any gain or loss? If so, how much?

Shawna has realizedloss

of $fill in the blank e82ccf016052071_2

, of which $fill in the blank e82ccf016052071_3

is recognized.

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b.What is Kenisha's tax basis in her LLC interest? $fill in the blank 1c9428f7cf86f82_1

Section 704(b) book basis? $fill in the blank 1c9428f7cf86f82_2

c.What is Shawna's tax basis in her LLC interest? $fill in the blank 1c9428f7cf86f82_3

Section 704(b) book basis? $fill in the blank 1c9428f7cf86f82_4

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d.What tax basis does the LLC take in the property transferred by Shawna?

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