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Alice, Bob, and Chase form a partnership. All interests, profits, and losses are shared evenly. Contributions are as follows: Alice Land FMV: $80,000 and adjusted
Alice, Bob, and Chase form a partnership. All interests, profits, and losses are shared evenly. Contributions are as follows:
Alice
Land FMV: $80,000 and adjusted basis $15,000
Bob
Cash FMV and adjusted basis: $50,000
Chase
Equipment FMV: $50,000 and adjusted basis $45,000
The land is also subject to a 30000 mortgage that is assumed by the partnership. What is alice's initial basis in her partnership interest?
Alice
Land FMV: $80,000 and adjusted basis $15,000
Bob
Cash FMV and adjusted basis: $50,000
Chase
Equipment FMV: $50,000 and adjusted basis $45,000
The land is also subject to a 30000 mortgage that is assumed by the partnership. What is alice's initial basis in her partnership interest?
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
