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1.) Prepare the BEGINNING of year INSIDE (TAX) BASIS balance sheet for the PARTNERSHIP for YEAR ONE YEAR ONE FACTS: Ownership Percentage Partner Asset Cash
1.) Prepare the BEGINNING of year INSIDE (TAX) BASIS balance sheet for the PARTNERSHIP for YEAR ONE
YEAR ONE FACTS: Ownership Percentage Partner Asset Cash Land FMV 400,000 400,000 800,000 $ $ $ Basis 400,000 230,000 630,000 $ $ $ B 50% 50% 10096 Partnership Operations Year One Assume net income is kept in the partnership to fund operations Ordinary Income Tax Exempt Income Charitable Contributions Capital Loss $ $ $ 648,000 2,200 (13,800) (3,300) 633.100 YEAR ONE FACTS: Ownership Percentage Partner Asset Cash Land FMV 400,000 400,000 800,000 $ $ $ Basis 400,000 230,000 630,000 $ $ $ B 50% 50% 10096 Partnership Operations Year One Assume net income is kept in the partnership to fund operations Ordinary Income Tax Exempt Income Charitable Contributions Capital Loss $ $ $ 648,000 2,200 (13,800) (3,300) 633.100Step by Step Solution
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