Question
1.Betty Contributes the following to ABC Partnership for a 40% interest: Cash $50,000 Land FMV $100,000 Adjusted basis $50,000 Mortgage $40,000 Prior to the contribution,
1.Betty Contributes the following to ABC Partnership for a 40% interest:
Cash $50,000
Land
FMV $100,000
Adjusted basis $50,000
Mortgage $40,000
Prior to the contribution, ABC has a $200,000 nonrecourse bank loan.What is Betty's outside basis?
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
