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Amy, Becky, and Chau form a business entity with each contributing the following. Bechy's land has a 520,000 mortgage that is assumod by the entity.
Amy, Becky, and Chau form a business entity with each contributing the following. Bechy's land has a 520,000 mortgage that is assumod by the entity. Chav, an attorney, receives her ownership interest in exchange for legal secvices performed to organizo the entity. Determine vie recognized osin to the owners, the bashs for their ownership interests, and the entiv's basis for its assets under each entity scenario. If an amount is zero, enter " 0 ". a. Entity: Partnership. b. Entity: C corporation. c. Entity: S corporation
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