Gerald received a 33% capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for
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Question:
Gerald received a 33% capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald\\\\\\\'s outside basis immediately after his contribution?
a) $6,000
b) $9,000
c) $21,000
d) $24,000
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: