Question
17. Henry received a 33% capital and profit (loss) interest in ZZZ Limited Partnership (LP). In exchange for this interest, Henry contributed a building with
17.
Henry received a 33% capital and profit (loss) interest in ZZZ Limited Partnership (LP). In exchange for this interest, Henry 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 ZZZ, LP assumed at the time the property was contributed. What is Henry's outside basis immediately after his contribution?
| a. $6,000 | ||
| b. $9,000 | ||
| c. $21,000 | ||
| d. $24,000 |
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Essentials Of Cost Accounting For Health Care Organizations
Authors: Steven A. Finkler
1st Edition
0834205289, 978-0834205284
