Rip and Dot created the RD Partnership. Rip contributed cash of $10,000 and property with a...

 

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Rip and Dot created the RD Partnership. Rip contributed cash of $10,000 and property with a basis of $5,000 and a fair market value of $50,000, for a 60% interest. Dot contributed $20,000 cash and rendered legal and financial services worth $20,000, for a 40% interest. What is the gain recognized to the partnership as a result of these contributions? a. $0. b. $20,000. c. $45,000. d. $100,000. What is the amount of gain or ordinary income recognized by Rip and Dot, respectively? a. $0; $0. b. $60,000; $40,000. c. $45,000; $20,000. d. $0; $20,000. What is the basis of the property (excluding cash) to the partnership? a. $5,000. b. $45,000. c. $50,000. d. $0. What is the basis of Rip and Dot's partnership interests, respectively? a. $0, $0. b. $60,000, $40,000. c. $60,000, $20,000. d. $15,000, $20,000. e. $15,000, $40,000. Rip and Dot created the RD Partnership. Rip contributed cash of $10,000 and property with a basis of $5,000 and a fair market value of $50,000, for a 60% interest. Dot contributed $20,000 cash and rendered legal and financial services worth $20,000, for a 40% interest. What is the gain recognized to the partnership as a result of these contributions? a. $0. b. $20,000. c. $45,000. d. $100,000. What is the amount of gain or ordinary income recognized by Rip and Dot, respectively? a. $0; $0. b. $60,000; $40,000. c. $45,000; $20,000. d. $0; $20,000. What is the basis of the property (excluding cash) to the partnership? a. $5,000. b. $45,000. c. $50,000. d. $0. What is the basis of Rip and Dot's partnership interests, respectively? a. $0, $0. b. $60,000, $40,000. c. $60,000, $20,000. d. $15,000, $20,000. e. $15,000, $40,000.

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