Charlie exchanged land valued at $450,000 and a sports car valued at $50,000 for a 40 percent

Question:

Charlie exchanged land valued at $450,000 and a sports car valued at $50,000 for a 40 percent interest in a that planned to build an apartment complex on the property. The land has a $325,000 basis and the auto a $40,000 basis. Explain the tax effects of this exchange for Charlie and the Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...