The LLC has assets with a basis of $1,000,000 and a fair market value of $2,400,000. The
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The LLC has assets with a basis of $1,000,000 and a fair market value of $2,400,000. The entity has no liabilities. T has an opportunity to purchase a 25% interest in the entity. The other 75% of the partnership are unrelated to T or each other. Explain how the partnerships willingness (or unwillingness) to make a section 743 election should affect the price T is willing to pay for the interest.
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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