Gary contributed property to the GHK Partnership in exchange for a one-third interest in partnership capital, profits,
Question:
Gary contributed property to the GHK Partnership in exchange for a one-third interest in partnership capital, profits, and losses. Gary’s tax basis in the property contributed to the partnership was $50,000. The fair market value of the property at the date of contribution was $145,000, and it was encumbered by a $40,000 mortgage, for which the partnership assumed responsibility in connection with the transfer. What will be the partnership’s tax basis in the property received from Gary?
a. $10,000.
b. $50,000.
c. $105,000.
d. $145,000.
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The tax basis for a partnership when it receives property from a partner is b...View the full answer
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Related Book For 
Taxation Essentials Of LLCs And Partnerships
ISBN: 9781119722328
1st Edition
Authors: Larry Tunnell, Robert Ricketts
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